From CGAFaq
Long Term Care Insurance with Kurt Lauman
Does Your 401k Need Long-Term Care Insurance?
Kurt Lauman a Long Term Care Insurance Specialist & Partner with LTC Financial Partners, LLC (LTCFP). LTCFP is a licensed insurance agency that specializes in Long Term Care Insurance (LTCi). Our mission is to provide you with excellent service, helpful advice, and useful resources nationwide concerning Long Term Care Insurance. Recommends a LTCi Policy to Protect Your Retirement Savings as Well as Your Health and Independence.
People need long-term care insurance, but the question is, does your retirement funds? "Absolutely," says Kurt Lauman, Kirkland-based agent and partner with LTC Financial Partners, LLC. (LTCFP). "If you're not thinking about your own health as you age, think about the health of your retirement funds, 401k, or IRA. If your retirement vehicle becomes disabled or loses life blood, how can it support you when you and your family need it most?" says Lauman ?Developing a disability is hard enough, let alone developing a disability and running through your nest egg that took you a lifetime to accumulate, in less than a couple of years!? Added Lauman. We asked what is the answer and Lauman added, ?Planning ahead, way ahead! This is not the type of coverage that you want to put on the back burner; if you do then you might be planning to fail.?
In 2010, the average 401k has gotten healthier in recent years, despite the uncertain financial market. The average balance rose to a 10-year high of $71,500 last year, up 11.5% from 2009, according to a February report from Fidelity Investments. Good news! But the healthiest fund can lose capacity fast when a family lacks long-term care insurance (LTCi). Any family member -- your spouse, parent, or child, if not you -- may have a sudden need for long-term care, "and your retirement fund may fall victim," Lauman says. "If you don't have LTCi, you're in effect self-insuring, and your retirement money will most likely take the first hit. By purchasing a long term care insurance policy you will be transferring the risk from you and your family?s retirement funds to the insurance carrier." Says Lauman
The math is sobering. According to a recent study by MetLife, the annual cost of a private room in a nursing home rose to more than $83,500 in 2010, up 4.6% from 2009 -- enough to wipe out the average 401k in less than a year. If you or a family member could get by with in-home care, the financial damage could be less or it could be more depending on the type of LTC care one would need. According to MetLife, the cost of in-home health care by a trained assistant was $21 per hour in 2010 and the cost is rising very fast due to the demand of certified help. If this care were needed an average of six hours a day, the cost would be about $46,000 for a year, leaving $25,500 in the average 401k. Early-withdrawal penalties, however, would decrease the balance. "Also, care might be needed for two, three or more years," Lauman adds. "When a LTC disability hits a family, in most cases, more than one family member might be required to help emotionally and financially."
"The numbers explain why many financial advisors, not just medical professionals, are advising their clients to consider long-term care insurance," says Lauman. "Financial health, not just physical well-being, is at stake. If you won't buy a long-term care policy for yourself, buy one for your family, spouse, IRA or 401k."
LTC Financial Partners, LLC (LTCFP) is one of America's largest, most trusted, and experienced long-term care insurance agencies. The company is a co-founder and sponsor of the ?3 in 4 Need More? campaign, which seeks to multiply the number of Americans protected by long-term care planning. For more information concerning Long Term Care Insurance, free advice, customized long term care insurance quotes (LTCi Quotes), and Long Term Care Planning (LTC Planning) is available from Kurt Lauman and LTC Financial Partners, LLC.
In California the company LTCFP is known as LTC Partners & Insurance Services; in other states, as LTC Financial Partners, LLC. (LTCFP)
To learn more on how to protect your and your families financial future click here for FREE Online Long Term Care Insurance Information and contact Kurt Lauman at (425) 216-4909 or request FREE Long Term Care Insurance Quotes online from this Nation?s ?Top? Long Term Care Insurance Carriers. ?Only? New York residents and business owners click here for New York State Long Term Care Insurance information, customized LTC insurance quotes, and advice.
Source: http://www.cgafaq.info/wiki/User%3AKurtlauman985
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