Three Ways to Buy Long Term Care Without Paying Premiums Out of your Pocket
Stop 100 people over 65 on the street and ask them if they will ever need to go to a nursing home and 99 will say, No! Folks tend to equate long term care insurance with nursing homes, but there are other aspects of long term care. Home care, assisted living, adult day care and hospice care are all forms of long term care which cost money where the person never sees the inside of a nursing home. Planning for the many types of long term care just makes good financial planning sense. However, long term care can be expensive, especially if a person waits too long to buy it. Age and health problems could make premiums prohibitive or even render the coverage unattainable. What if there was a way to make sure you had long term care coverage if you ever needed it, but never had to take premiu employment law services ms to pay for it out of your income? Actually, there are quite a few. Lets look at three of them 1. Sell a life insurance policy. Unbeknownst to many people, there is an after market for life insurance policies that have served their purpose and are no longer needed. There are companies that will buy policies on behalf of pension and institutional funds which hold them as part of their investment portfolio. The best part is that they will buy them for more than the cash value. Other insurance policies that may be a candidate are those where the premium takes a huge hike because of the drop in interest rates, policies with maximum loans about ready to collapse and create a taxable gain but with no money to pay the tax or even term insurance policies that are nearing the end of their term.
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