[Fredslist] (Promo) Tony Guggino/Retirement/ Long Term Care

[Tony Guggino, CLU, ChFC]

Hi Gothamites,

As part of my Estate and Retirement Planning, is a discussion of Long Term Care
Insurance. One of the main reasons people buy Long Term Care Insurance is to protect their retirement savings.There are many concerns at retirement.

1) having enough assets that will produce the income needed to live comfortable;
2) the future cost of health care;
3) inflation;
4) a large long term care expense depleting their assets;

The latest statistics show that a person at age 65 has a 50% chance of needing long term care during their lifetime. The average cost of care in the New York City area is $12,000/month. It doesn't take long to calculate what a huge expense this could be.

Many insurance company, because higher than anticipated claim experience have either dropped out of the business or raised premiums on the new policies. Also some of the benefits readily available are now being eliminated or reduced.
Here are a few of the changes:

1) Most companies have eliminated their Lifetime benefit periods
2) some companies have removed their preferred health discounts
3) Couples discounts are being reduced.
4) Limited payment options, such as only paying the premium to age 65 have been eliminated by all but one company

  New York State helps with the premium you pay for Long Term Care Insurance. 20% of the premium is a tax credit on your NYS Tax Return. That is a dollar for dollar reduction of your premium.

Please contact me for a complimentary consultation to explore your Long Term Care needs.

  

Tony Guggino, CLU, ChFC
American Business	
45 w.45th Street
Suite 1500	
New York, NY 10036

212-359-4392

tony at guggino.us

fax: 212-359-4399




-- 
Tony Guggino, CLU, ChFC
American Business	
45 w.45th Street
Suite 1500	
New York, NY 10036

212-359-4392

tony at guggino.us

fax: 212-359-4399