Journal ‘ Endorsed Programs News’ – November 2016 issue

November is long-term care insurance awareness month. Do you have long-term care plans in place for yourself, your spouse and to offer your staff?  By 2050, the White House Conference on Aging projects that 13.7 million Americans will suffer from some form of cognitive disability, including Alzheimer’s and dementia. Apart from needs arising from serious cognitive or physical impairment, people commonly require varying degrees of assistance as they age.

The logic for purchasing long-term care is sound but some may have concerns regarding their ability to make premium payments beyond their wage-earning years. There is now an alternative that makes premium payments manageable during the course of your career.

You can pay your long-term care insurance premiums in full within 10 years, without compromising on your benefit. With the new Ten-Pay limited pay option, you complete the payment of your premiums within 10 years on a monthly, quarterly, semiannual or annual basis, as best fits your financial situation.

Key attributes of the Ten-Pay option:

• Purchase the Ten-Pay LTCi plan during high-income years and pay in full in 10 years
• Premiums are deductible as a business expense, including spousal coverage
• Benefits are tax-free
• Choose who is eligible to participate
• 5 percent MDA member discount

For more information and to get a quote, go to long-term care insurance at mdaprograms.com or call MDA Insurance at 800-860-2272.