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Health-care coverage throughout retirement

Long-term care insurance can help you cover the costs of care if you develop a chronic medical condition. There is no need to rely on your loved ones to provide care or manage your expenses. You decide ahead of time the level of coverage and type of care you want. Even if you have sufficient assets to cover medical expenses, long-term care insurance can enable you to preserve more of those assets for your heirs.

Long-term care insurance can provide:

  • Medical care coverage for chronic medical conditions
  • Benefits either in your home, assisted living facility or nursing home
  • Peace of mind for your family, knowing you are being taken care of according to your wishes

Ask a BMO Harris financial advisor about the wide range of long-term care policies we offer, including these:

  • Individual long-term care policies pay a daily benefit amount (which you choose at the time you buy the policy) to help cover the cost of care when you need it.
  • Asset-based long-term care (insurance approach) is a single premium life insurance policy that allows you to use the death benefit while you are alive to pay for long-term care. If you don't use the policy for long-term care, your beneficiaries receive the death benefit income-tax-free. There is also a cash value component if you need to cash in the policy for other purposes.
  • Asset-based long-term care (annuity approach) is an annuity contract that includes an extension of benefits to pay for long-term care services. The payouts are income-tax-free if used for qualified long-term care services.

Contact a Financial Advisor