Global Atlantic ForeCare is a fixed annuity with Long-Term Care Benefits. When planning for retirement, we often think about protecting our assets from market volatility, taxes, or inflation. Still, there’s also an increasing need to consider the potential effect of long-term care costs.
There’s a high likelihood that you’ll need some long-term care in your life. It can be expensive, and if you don’t have an adequate strategy to cover such costs, your assets could be rapidly depleted.
Global Atlantic Info: https://www.globalatlantic.com/retirement-annuities/fixed-annuities/forecare
Who Needs Long-Term Care Insurance?
- A chronic illness
- Injury
- Physical, cognitive, or mental disability
- Other health-related conditions
Long-Term Care Services
- Help with eating, dressing, or bathing
- Housework
- Preparing and cleaning up after meals
- Physical therapy following an injury
- Administering medications
LongTerm Care Facilities
- In the home
- In the community at adult daycare facilities
- At assisted living facilities
- Or in nursing homes.
A typical private room at a nursing home can cost more than $80,000 per year, and even a home health aide could cost more than $30,000 per year. The money you set aside in a savings or retirement account could quickly evaporate if you don’t have a strategy in place, and that could limit your options.
Annual Long-Term Care Costs
- $19,500 Adult day care center (5 days/week)
- $51,480 Homemaker services (4 hours/day)
- $52,624 Home health aide (4 hours/day)
- $48,612 One-bedroom assisted living
- $90,155 Semi-private nursing home room
- $102,200 Private nursing home room
Long-term care can be a burden to any financial plan. So how would you pay for it?
You may have money set aside in savings or investments to self-fund your long-term care costs. Still, you may sacrifice growth opportunities or risk exposure to equity market volatility. As a result, many people turn to traditional long-term care insurance; however, if you do not use the coverage, you lose the money, which can be quite costly.
What you need is a strategy that:
- Offers growth potential
- Maximizes your long-term care dollars, and
- Allows you to pass on unused funds to your beneficiaries
You need ForeCare, an innovative fixed annuity with long-term care benefits that provides a multiple of your contract value for qualified long-term care expenses.
Benefits of a ForeCare Fixed Annuity
Because Global Atlantic ForeCare is a fixed annuity, you can participate in both protection and accumulation benefits:
- The interest crediting is guaranteed to never drop below 1%
- The growth of your contract value is tax-deferred, and
- You don’t risk equity exposure
Long-term care benefits
Unlike a traditional long-term care product, with ForeCare, any contract value not used for long-term care expenses can be passed to your beneficiaries as a death benefit. However, there is a monthly cost associated with the long-term care benefits rider based on the insured’s issue age. ForeCare also offers other unique benefits.
- Principal protection – Your contract value at month-end is never reduced below the contract value at the prior month-end (less any applicable withdrawals) due to the cost for the long-term care benefits rider.
- Tax advantages – Qualified long-term care withdrawals are typically federal income tax-free, and your contract growth is tax-deferred.
- 2x/3x coverage – Provides double or triple the amount of the contract value for qualified long-term care expenses.
Do You Want More Care?
Double or triple your amount available for long-term care coverage
ForeCare helps your assets work harder for you.
These unique benefits help maximize the amount available to you for long-term care coverage, providing you with the confidence of knowing you’re covered when you need it.
Get more care with ForeCare:
Receive double the amount of the contract value for qualified long-term care expenses with standard approval.
— Or —
Receive triple the amount of the contract value for qualified long-term care expenses with premier approval.
The long-term care coverage includes the use of your contract value, meaning that you first must exhaust your contract value before you can use the additional ForeCare LTC benefits.
Here’s how you can get more care with ForeCare
On January 1, 2010, the Pension Protection Act’s (PPA) long-term care benefits took effect. Before the PPA, you had to pay taxes on the growth inside of your annuity before paying long-term care expenses. But now, you can use those tax-deferred dollars to pay for qualified long-term care expenses, typically federal income tax-free.
For example, if you invest $150,000 in a ForeCare fixed annuity, you receive $300,000 available for long-term care expenses with standard approval. But you could also triple your amount with premier approval, thereby receiving $450,000 for qualified long-term care expenses.
And when you use ForeCare to pay for qualified long-term care expenses, it’s typically federal income tax-free.
ForeCare Highlights
- 2x/3x contract value for qualified long-term care expenses
- Principal protection
- Tax-deferred growth
- Typically federal income tax-free dollars for qualified long-term care expenses.
- Guaranteed minimum interest rate
- The contract value is passed on to beneficiaries
Do you want More Convenience?
Find out if you qualify within 30 minutes
95% of applicants are approved for ForeCare
Of those applicants approved:
- 88% Premier Approval
- 12% Standard Approval
Everyone wants more convenience in their lives — financial products are complicated enough without a cumbersome application process.
Forget about filling out multi-page applications and waiting weeks or months to find out if you are approved.
ForeCare streamlines the application process:
- The average ForeCare application process takes about 30 minutes.
- There’s no medical exam.
- Meet the height and weight requirements.
- Then, answer a series of questions on your medical history to find out if you qualify and whether you could be approved at:
- The standard level provides double the amount of the contract value for qualified long-term care expenses.
- The premier level provides triple the amount of the contract value for qualified long-term care expenses.
- Some applicants may be asked to participate in a simple memory and logic exercise via a 15-minute phone call.
And then you’re done – it’s that simple to apply for a ForeCare fixed annuity.
Do You Want More Control?
You decide how and where you receive care.
Like most people, you would probably like to have a little more control over the simple things in life.
With ForeCare, you can decide when and how to receive your care.
Whether you want to receive your care at home or in an assisted living community, ForeCare affords you more control to choose the best option for you.
To qualify for long-term care benefits, the insured must be diagnosed as chronically ill, which means either being severely cognitively impaired or unable to perform at least two of the six Activities of Daily Living (ADLs). Activities of Daily Living (ADLs) consist of self-care tasks, typically including:
- Bathing: Washing yourself and getting into or out of the tub or shower.
- Continence: The ability to maintain control of bowel and bladder function or caring for a catheter or colostomy bag.
- Dressing: Putting on and taking off all clothing items and any necessary braces, fasteners, or artificial limbs.
- Eating: Feeding yourself, including by feeding tube or intravenously.
- Toileting: Getting to and from the toilet, getting on and off the toilet, and performing associated personal hygiene.
- Transferring: Moving into or out of a bed, chair, or wheelchair.
And, if you don’t use your contract value for long-term care benefits, you don’t lose your money.
Any remaining contract value passes to your beneficiaries as a death benefit.
Covered Care Included
- Home care
- Adult daycare
- Hospice care
- Nursing home facility
- Assisted living facility
- Respite care
- Bed reservation
- Nurse and therapist
- Home health aide and personal care
- Homemaker services
- Chore services
Washington Long-Term Care Tax
ForeCare meets the requirement to opt-out of the Washington Long-Term Care Tax. Apply Now.
