New solutions include:
1. Combination life insurance/LTC policies: Clients put in a lump sum, generally between $50,000 and $200,000, based on age and health. Immediately, four or five times that amount is available for current and future LTC needs. An inflation rider can be added to the policy.
"People have migrated to these because of large increases in premiums in traditional long-term-care policies," said Dillon. "It's all about leverage." For his part, Smith at New England Retirement Advisors said to be sure to get an inflation rider.
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2. Deferred income annuities, which are also tax-deferred: "Clients may defer an income stream until age 70, when [individual retirement account] distributions kick in," Salley at Salley Wealth Advisors Group said. "This strategy may allow you to accumulate enough to cover your long-term-care expenses. You need to use both qualifying and nonqualifying funds."
3. Medicaid-compliant annuities: "The state must be a beneficiary, along with other contingencies, and you must work with an elder-care attorney to prepare this," New England Retirement Advisors' Smith said. "A lot of clients don't know what to do about long-term-care planning.
"There's no easy answer to this dilemma," he added. "Everyone needs it, but they don't become educated until the costs become prohibitive."