Long-Term Care Insurance
Chances are, you're looking forward to a long and active life after retirement. But as your age increases, there is a greater possibility you may suffer prolonged illness or disability that could leave you unable to care for yourself over an extended period of time.
At First Hawaiian Bank, our wealth advisors can help you develop a plan that incorporates the appropriate amount of long-term care for your specific needs.
As part of your financial strategy, long-term care insurance can provide all the assistance you might ever need, while relieving your family from financial and emotional burdens. With the cost of private nursing home care in Hawaii now approaching $120,000 per year and full-time professional home care fees rising to as much as $40,000 annually, long term care insurance definitely plays a vital role in your financial plan.
In a nutshell, long-term care insurance is a protection plan that pays you a set amount when you can no longer live independently. Long-term care can help pay nursing home or assisted living costs, or even costs incurred when you are disabled and confined to your home. Equally important, a long-term care policy can mean:
You won’t have to deplete your life savings to care for yourself.
You won’t be forced to rely on government welfare programs to survive.
Your family and loved ones won’t have to sacrifice their assets and savings to care for you.
You will be able to maintain some of your independence.
You will be able to preserve your assets and pass them on to your heirs.
You will be able to choose the location for your care.
As people live longer, long-term care insurance is more important than ever. Under federal law enacted in 1996, premiums may be tax deductible and benefits tax free if you own a tax qualified long term care policy.
There are many types of long-term care policies available with a variety of options and features. We survey the market to offer our customers only the best products from the highest rated companies in the industry. If for some reason the plans we offer don’t quite suit your needs, we’ll shop outside for the best plan for you. That’s First Hawaiian Bank’s commitment to you as our valued customer.