The Part of Long-Term Care Nobody Plans For

Most long-term care conversations start and end with cost. That's only half the picture. Here's the part that catches most families off guard.

Leveraging Pre-Tax Funds for Tax-Free Care

Money sitting in an IRA or 401(k) that you haven't paid taxes on yet can be rolled into an annuity and leveraged four, five, even seven times for long-term care. If you're over age 60 with qualified funds, we can look at repositioning those into a long-term care strategy — turning taxable retirement dollars into non-taxable, tax-free long-term care benefit. Carriers like One America even bonus you during that period to help offset the taxes that come due over the following 10 years. It sounds complicated, but it breaks down simply: you're taking pre-tax money and repositioning it to fund tax-free care.

The Biggest Blind Spot Isn't the Bill — It's the Job

If you've dealt with care personally, you already know this. If you haven't, picture the administrative side of a doctor's office — scheduling, coordinating, following up — and multiply it. When you're setting up care for somebody, you have to find the provider, interview candidates to make sure you have the right person, confirm they show up when they're supposed to, and verify what they're billing you for. All of that, for two to four years or more.

It's roughly 20 hours a week — on top of the emotional burden, not instead of it. Stack the economic burden, the emotional burden, and the administrative burden together, and you start to see why 66% of caregivers pass away before the person they're caring for.

If you don't have a guaranteed plan for the administrative side, that alone may be reason enough to consider long-term care insurance. A plan that only covers the bill isn't a complete plan.

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