Annuities can Provide Long-Term Care

Top Annuity Source is dedicated to helping consumers prepare for retirement by offering annuity products that guarantee lifetime income. However, with the ever-changing world, insurance carriers have adapted by adding more options to their products, including long-term care insurance (LTCi). In honor of Long-Term Care Insurance Month in November, we want to focus on LTCi as a potential option for consumers.

As LTC costs continue to rise, statistics show that 7 out of 10 consumers will need some form of LTC during their lifetime. In 2022 alone, costs for LTC can range from $20,280 for adult day care to $108,408 for a private room in a nursing home.

Most LTCi products cover various levels of care, including adult day care, assisted living, nursing homes, and home healthcare. There are several options available, such as standalone LTCi policies, hybrid life policies, and life insurance with LTC riders or accelerated death benefits.

Did you know that some annuity products also offer LTCi options? Carriers have noticed the interest in LTC protection, as well as guaranteed lifetime income, so they have developed annuity products that provide both accumulation and LTCi benefits. One top-rated carrier is even launching a fixed indexed annuity with a LTC option and a wellness program all combined in one product.

If you are unable to get approved for life insurance, LTCi, or hybrid policies based on age, health, etc, you could still get approved for LTCi through an annuity with a LTC rider. Some carriers also do not require a medical exam for LTC coverage within the annuity.

To protect your retirement dollars and have a plan in place for potential LTC needs, contact Top Annuity Source to discuss annuity options with LTC benefits.