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 Posted: Wed Oct 12, 2011 7:10 pm Post subject: LTC |
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Hi friends, I have a question concerning financing long term care. Is it possible to finance custodial care with distributions from a retirement plan (as an alternative to long term care insurance)?
Thanks:) |
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mouse1976
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Joined: 11 Oct 2011
Posts: 15
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| Posted: Thu Oct 13, 2011 5:42 am Post subject: |
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If the amount from the retirement plan is adequate, it can be used for any purpose but then it won't be able to suffice its real purpose.
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insurequest
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| Posted: Thu Oct 13, 2011 5:42 pm Post subject: |
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| Thanks:) ok so that would be the great disadvantage. So what about accelerated death benefits, medicare or a medical expense insurance? Which one of the actions would be the best as an alternative to an LTC insurance? |
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mouse1976
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Joined: 11 Oct 2011
Posts: 15
2.73 Dollars($)
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| Posted: Fri Oct 14, 2011 7:30 am Post subject: |
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| Financial investments like Annuities with Long Term Care Riders, Life Insurance with Accelerate Death Benefits and Life Settlements for Seniors may be looked upon as LTC insurance alternatives. |
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Monawayne
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Joined: 12 Sep 2011
Posts: 119
Location: Arizona
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| Posted: Sat Oct 15, 2011 12:26 am Post subject: |
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mouse1976 ,
| Quote: | | So what about accelerated death benefits, medicare or a medical expense insurance? Which one of the actions would be the best as an alternative to an LTC insurance? |
Medicare and medical insurance can not pay for long term care expenses.
Most people discover this when they are told that their coverage period has ended and they need to start paying for their nursing home care out of their own pocket.
You're doing the right thing to determine what the options are now, instead of waiting.
| Quote: | | Financial investments like Annuities with Long Term Care Riders, Life Insurance with Accelerate Death Benefits and Life Settlements for Seniors may be looked upon as LTC insurance alternatives. |
Life Settlements should not be looked at as a LTC insurance alternative. Settlements have a whole series of issues and potential gotchas that make them less than attractive. Annuities with LTC riders or Life Insurance with LTC riders are viable alternatives. |
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timt13
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Joined: 23 Sep 2011
Posts: 11
Location: San Diego, CA
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