OC Care Insurance
We are living longer and lingering longer. Planning ahead for our care years makes good sense. The people who love us will go out of their way to take care of us – often at the expense of their own families.
Creating and funding your care plan may be the best gift you can give the ones who love you. They can guide your care without sacrificing their relationships and financial stability. We help you design a smart strategy for funding the care years.
Long Term Care Benefits
Make a plan for the care years ahead…so you and your family can stay well
OC Care Insurance
Planning ahead for our care years makes good sense. By planning now, you can protect your loved ones from the very tough challenge of providing the care they want you to have without destroying their financial security and relationships.
Key Facts to keep in mind:
- Women average 3.7 years of care
- Men average 2.2 years of care
- 7 in 10 will need care (US gov)
- Average age to need care is 82
- 50% over age 85 will need care for Alzheimer’s/ dementia (Mayo Clinic)
Key Questions for planning:
- When will you likely need care? Consider your current health and your family history.
- Where will you be? Often where you will be depends on who will be helping you with care decisions.
- Who will help? You may have a good support system near home with friends, church or family. Or you may move closer to your children.
- How long will you likely need care? While some health conditions can lead to long care events, often those with good health for most of their years tend to decline more slowly and linger longer in the care years.
- How much should you plan to spend on care? In Orange County, home care is averaging $50,000 per year, and Skilled Nursing Facility care is $100,000 per year. Women average almost 4 years of care, while men average about 2 years.
- What funds will you use for your care? Women should plan to spend $250,000 to $500,000 or more on care in today’s dollars.
Note: If you have ever visited someone in a skilled nursing facility you probably noticed most of the patients are women. 20% of the patients in skilled nursing facilities will stay for more than 5 years. With more of us living longer there will be many more living with cognitive impairment and needing assistance for an extended time.
Most of us – 70% – will need some help in our later years. About 20% will need care for more than 5 years. Insurance has changed. New insurance plans help you pay for care anywhere you choose to live. Most care happens at home and almost 75% of insurance benefits go to home care.
New Living Benefits plans
With Living Benefits you can have a plan that is an asset and will provide value even if you do not need care. These are life insurance plans that accelerate the death benefit when you need care. The remainder passes to your heirs.
Living Benefit plans are popular today because they are an asset and add to your overall financial security.
Plans for couples
Many plans offer discounts for couples. Claims experience proves that couples live longer, take care of each other and use less outside help.
Survivorship plans with Living Benefits can be a good alternative for couples.
Better than a CD
Single premium plans available today provide 100% guarantee of your money and multiply your funds many times over for care. Consider repositioning some of your safe money into one of these guaranteed plans.
We have one plan available in CA that still offers unlimited lifetime benefits. This can be very helpful for many of us who will have our brains start to go before our body goes. Cognitive impairment leads to the longest care events. Some families have been caring for a loved one for more than 20 years. If you are concerned about an extended care event, the unlimited lifetime benefit plan makes good sense.
Long Term Care Insurance
Today’s long term care insurance plans offer many benefits and may be the best fit for your budget and goals.
You probably have some of your funds in an annuity, IRA or TSA. Some great new annuities help leverage your funds by doubling your income stream if you need care. Is it time to review your annuity plan? New plans have solid guarantees to keep your money safe and growing. You can do a tax-free exchange to move annuity dollars into a new annuity plan that works harder for you. Most older plans can be improved without any risk. If you have money in an annuity, IRA or TSA, you may benefit. We can help you compare the options.
How can I get more income?
You can pull money out of your annuity, up to 10% each year, without annuitizing your plan. If you want to extend income for as long as you live, you can annuitize your plan – the insurance company will guarantee you an income stream for as many years as you live.
What if my health is a problem?
Unlike life or long term care insurance, you do not have to be in good health to start or upgrade an annuity plan.
What if we need cash today?
We have other solutions that may help you:
- Life Settlements
If you need money today and have a life insurance policy, you can sell your policy for cash using Life Settlement.
If you own a home, you can unlock the future value of your home. EquityKey is a new alternative to home finance. EquityKey will give you an upfront payment. In return, you choose to sell them a share of any future appreciation. You keep all of your existing equity. You can use the funds any way you like – for care, to fund a plan, to invest, give to charity…
Diane has a heart for helping. She uses a wealth of experience and expertise to serve her clients, family and friends.
Diane grew up in Yorba Linda and earned her degrees in Business and Communications from CSUF in 1982. She and Wayne make their home in south OC. They have 5 adult children spread across CA and treasure time with their growing family…ask her about their Christmas Tree decorating contest.
She is a licensed agent in CA since 1986 serving her clients and their businesses with insurance solutions for life, disability and health. As a Certified Long Term Care insurance professional, Diane works with members of the Financial Planning Association of Orange County to help their clients be prepared for the care years ahead. She is a member of Kingdom Advisors and Charitable Giving Foundation.
Diane and Wayne support local programs at Orangewood Children’s Home, Orange Lutheran High School, and Make-a-Wish.