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Assets don't pay for long term care, INCOME does
Where does income come from?
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Form Cash (Liquid)
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Converting assets to cash is problematic.
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You probably have other uses for it.
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From Government Programs (Medicare, Medicaid, Veteran’s Benefits)
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Coverage issues can be problematic
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From Income generated through Long Term Care Insurance
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Your premiums are merely tax-deferred prepayments made at a fraction of the actual future cost of care.
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Plan for Long Term Care
A plan has two elements:
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Predetermined guidelines that define how and where an individual wants to receive long-term care if necessary
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A funding mechanism to pay for care
Where is care received?
Home
Adult Day Care Centers
Assisted Living Facilities
Continuing Care Retirement Community
Institutional Care (Hospitals, etc)
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