This post is intended for financial professional use only.
The National Alliance for Caregiving (NAC) estimates that nearly 50 million adults in the U.S. are providing personal assistance for family members with disabilities and other care needs. This means that today, more than 1 in 5 Americans are caregivers. With the national average cost for one year of 24-hour care in the United States being $105,000, costs can get expensive fast. Luckily, financial vehicles offer certain benefits that can act as a financial safety net in the happenstance of a chronic illness or disability. This can particularly benefit clients who are concerned about the unexpected costs of long-term care into retirement, and possibly concerned about leaving a legacy to the next generation.
In this episode of Money Script Monday, Jeff breaks down all you need to know about accelerated benefit and long-term care riders – how they’re used in a financial plan, who qualifies, and how to access the benefits.
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Resources Provided for This Episode
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