As the oldest baby boomers begin to wind through their 70s, one of the biggest concerns may not be outliving income, but outliving good health.
At-home care services average $20 per hour, and assisted living facility costs average $3,628 per month.1 Does your retirement income strategy account for this kind of possibility? Would you be prepared for twice that amount as a married couple?
Considering that you could have to reduce your financial means before Medicaid will pay for long-term care and neither your employer group health insurance nor major medical insurance will cover long-term care, you may want to consider planning ahead for these potential expenses.
We can help evaluate your situation and determine if purchasing a long-term care insurance policy may be the right move to help you feel confident in your financial future.
1 Genworth Financial. April 2016. “Genworth 2016 Cost of Care Survey.” Accessed Aug. 31, 2016.
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Investment advice is offered through Triumph Wealth Advisors, Inc., an SEC Registered Investment Adviser.
Insurance products, including annuities, are offered through Michael A. Morgan, a licensed insurance agent in the states of Texas and New Mexico.
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Fixed index annuities and fixed annuities are generally considered to be long-term retirement planning products. They are intended for a person who has sufficient cash or other liquid assets for living expenses and other unexpected emergencies, such as medical expenses. A fixed annuity is not a registered security or stock market investment and does not participate directly in any stock or equity investment or index. Annuities are not deposits of or guaranteed by any bank and are not insured by the FDIC or any other agency of the United States. All guarantees are solely backed by the financial strength and claims-paying ability of the issuing insurance company. Please note the application of surrender charges could result in a loss of principal, the minimum guaranteed return may be 0 percent, and interest earned based on market increases may be capped. The guaranteed account value of a fixed index annuity only applies if the annuity is held until the end of the contract term and loss of principal is possible if the annuity is surrendered before the end of the contract term. Insurance products, including annuities, are offered by Michael A. Morgan, a licensed insurance agent in the state of Texas.
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