Combined annuity with long-term care benefits
With an annuity, you pay a chunk of money, and in return, you get an established amount of revenue paid to you at set periods for the rest of your life. Long-term care annuities offer special conditions to help pay for long-term care expenses.
A joint annuity with paying for long-term care benefits may offer a higher dollar amount or more tolerant underwriting instead of a tax-free death benefit. Currently provided by a select few insurance companies, the secret is ensuring that it’s categorized as long-term care.
Some financial advisers are selling annuity policies with a double benefit, also known as a “home health care doubler,” that pay at the most a maximum of five years and aren’t considered long-term care.
We understand that all this information can be difficult to process. To make things easier for you, at least in one aspect of it, we recommend purchasing a budget planner to help you stay organized with the financial portion of it!
If you found this article on paying for long-term care helpful, we also suggest reading: 6 Things To Do With Your 401(k) Once You Retire
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