Planning Products
Customized solutions for your long-term care situation
Which Products Should I Use?
The products used for your long-term care plan will be determined by the type of planning you require and your specific circumstances.
LEARN ABOUT THE TYPES OF PLANNING >Commonly Used Planning Products
Long-Term Care Insurance is available in either Traditional or Hybrid policies and can be issued to individuals up to age 86. However, you must meet certain health criteria in order to qualify.
ADVANCE PLANNING PRODUCT: Long-Term Care Insurance
As one of the most common advance planning tools, a Long-Term Care Insurance (LTCI) policy provides future benefits in the event of a long-term care need. It offers multiple options and benefits to fit your specific situation, making it an ideal product for healthy adults who are looking to prepare for their future care. LTCI benefits can be used for at-home care or an assisted living facility in addition to a nursing home.
AVAILABLE UPTO AGE 86
AFFORDABLE
POLICY OPTIONS
PREMIUM RETURN
AVAILABLE
Since you can't predict exactly when you or your loved one will need long-term care, your legal professional will likely recommend you fund an asset protection trust sooner rather than later.
ADVANCE PLANNING PRODUCT: Asset Protection Trust
An asset protection trust allows you to safeguard your assets from Medicaid in the event you require long-term care in the future and pursue Medicaid eligibility. The trust must be irrevocable, meaning it cannot be altered or terminated by the creator. In order to be an effective advance planning tool, an asset protection trust must be funded at least five years before you need long-term care, allowing you to outlast Medicaid's lookback period.
ASSETS AVOID PROBATE
MUST BE IRREVOCABLE
FUNDED 5 YEARS BEFORE CARE NEED
Although it's never fun to think about the end of your life, a funeral expense trust allows you to set aside funds, so your loved ones don't have to worry about covering your funeral costs out of pocket.
ADVANCE PLANNING PRODUCT: Funeral Expense Trust
A funeral expense trust is a simple addition to any long-term care plan. It consists of a small whole life insurance policy that is assigned to a funeral trust controlled by an insurance company. The funds within the trust can be used for your end-of-life expenses, such as a funeral service, casket, and burial costs. As long as the value is below a state-specific limit, a funeral expense trust is considered exempt from Medicaid.
COMPLEMENTSANY LTC PLAN
PRE-PAY FOR
FUNERAL EXPENSES
REDUCES BURDEN
ON FAMILY
Your legal professional may recommend you use a Medicaid Compliant Annuity if you are currently residing in a long-term care facility and have assets that put you over Medicaid's strict limitations.
MEDICAID PLANNING PRODUCT: Medicaid Compliant Annuity
A Medicaid Compliant Annuity (MCA) is one of the most powerful Medicaid planning tools available. It is essentially an insurance contract that is funded with a lump sum of money in exchange for future payments. When properly structured, an MCA allows you to convert your excess countable assets into an income stream with no cash value and accelerate your eligibility for Medicaid benefits.
SPEND DOWNEXCESS ASSETS
CONVERT ASSETSTO INCOME
ACCELERATE MEDICAID ELIGIBILITY
Promissory Notes are similar to Medicaid Compliant Annuities, but they are only viable in a handful of states. Your planning professional can verify whether this product is a feasible solution in your state.
MEDICAID PLANNING PRODUCT: Promissory Note
A promissory note involves a legal contract between two parties where one party agrees to pay a specific amount of money to another party either on a scheduled date or on demand. Like an MCA, a promissory note converts excess countable assets into an income stream. However, the parties involved in a promissory note are typically family members rather than an insurance company.
LEGAL CONTRACT WITH LOVED ONE
CONVERT ASSETSTO INCOME
ACCELERATE MEDICAID ELIGIBILITY
Although it's never fun to think about the end of your life, a funeral expense trust allows you to set aside funds, so your loved ones don't have to worry about covering your funeral costs out of pocket.
MEDICAID PLANNING PRODUCT: Funeral Expense Trust
A funeral expense trust is a simple addition to any long-term care plan. It consists of a small whole life insurance policy that is assigned to a funeral trust controlled by an insurance company. The funds within the trust can be used for your end-of-life expenses, such as a funeral service, casket, and burial costs. As long as the value is below a state-specific limit, a funeral expense trust is considered exempt from Medicaid.
COMPLEMENTSANY LTC PLAN
PRE-PAY FOR
FUNERAL EXPENSES
REDUCES BURDEN
ON FAMILY
Call Senior Care Counsel (844) 412-4222