Couple a HECM with a Benefit Linked Long Term Care Policy
Most of us look to our parents to gauge if we’ll need protection against Long Term Care. The fact is that through food, travel, technology, and avocation most of us experience life in a much more active and fluid style than our ancestors did.
This lifestyle creates a greater risk of needing medical care along the way. I’m not talking solely about a permanent need either. A Long Term Care (LTC) need can arise in the form of an unexpected and protracted rehab from surgery. Or, perhaps your spouse undergoes medical treatment of his or her own, requiring temporary care during recovery. Sometimes a need for temporary medical care comes about from something associated with a chronic condition like diabetes.
A full 70% of people over age 65 will require some type of long term medical care at some point , and even though a lot of us think we could self-insure, that doesn’t mean we should. One financially creative approach involves coupling a HECM with a Benefit Linked LTC product.