Jordan,
No worries on today's call. I left you a voicemail and created a revised long-term care (LTC) insurance quotes for you.
đ Revised quotes
Under age 35, only one leading insurer offers long-term care insurance with a refund optionâand it happens to be Nationwide, arguably the most popular policy on the market (read our review).
I provided three quotes for the same policy, each with a different payment schedule. The policy includes 5% compound benefit growth, meaning benefits start smaller in the near term but grow substantially higher later, when long-term care is most likely needed.
đ§ My notes
With options A and B, youâd pay about $30,000 total, and if you never needed care, your heirs would receive a $37,634 refundâmore than you paid in. Option C costs about $53,000 in total.
I set the benefit length at 3 years since the average need for men is about 2.2 years. If you ever required memory care, though, support can last 8+ years. Let me know if youâd like to see quotes for longer benefit periods (they come with higher premiums).
Assisted-living in Utah is projected to cost $384,000/year by age 80 (assuming 4% annual growth). Your options provide lower annual benefits than this projection, but you can bridge the gap using personal savings and Social Security. The goal for most people is meaningful coverage, not paying every dollar.
If you'd like higher annual benefits, you can increase your premiumâyour benefits will rise proportionally (e.g., by 25%).
đđ» Next steps
Once you've reviewed your options, just reply to my email or text with the one that feels closestâA, B, or C and I'll email the policy documents to you (no commitment).
đș Still learning?
Watch our 7-minute "unboring" video on the features of LTC insurance. That's me in the video.
Thanks,
Jesse
Jesse Vickey at Long Term What?
Schedule a call or 720-263-2188
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