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Lumos Insurance Unveils Immediate Care Plan for Long-Term Care Funding

Lumos Insurance™ has recently announced the availability of its Immediate Care Plan, an innovative solution designed to help families meet the rising costs of long-term care. This fully underwritten single premium immediate annuity is particularly tailored for individuals who currently require paid care. The plan presents a unique opportunity for families to secure guaranteed monthly income without depleting their other financial resources.

Understanding the Immediate Care Plan

The Immediate Care Plan operates on a simple premise: families can exchange a single lump sum ranging from $50,000 to $1,000,000 for assured monthly income for life, with payments commencing as soon as one month after enrollment. This structured approach allows families facing healthcare costs to fund services such as assisted living, memory care, or in-home care while retaining more of their savings.

Central to Lumos's rationale is what they term the 'Care Gap,' which describes the ongoing shortfall between the expenses associated with formal care and the income provided through sources like Social Security or pensions. Traditional annuities typically calculate income based on generic population averages, which can lead to inflated costs for families. Instead, the Immediate Care Plan employs a personalized underwriting process, assessing individual medical records, diagnoses, functional abilities, and even discussions with primary caregivers. This individualized analysis can often mean lower premiums while providing the necessary income, ultimately preserving family savings.

Vince Bodnar, President of Lumos Insurance, emphasized the relevance of this tailored approach: "The Care Gap is increasingly evident in advisory offices, and without effective solutions, families risk their life savings. We believe that families transitioning into this stage of care require solutions that reflect their unique circumstances, not just actuarial averages." He underlined the importance of the Immediate Care Plan, which he believes will significantly aid families in their times of need.

How the Immediate Care Plan Works

The implementation of the Immediate Care Plan unfolds through four straightforward steps:

1. Assessing the Care Gap: An initial step involves collaboration with a financial professional to determine the family's monthly care costs in comparison to their existing income.
2. Individual Underwriting: Lumos then undertakes a comprehensive underwriting process that includes reviewing critical medical histories, diagnoses, prior hospitalizations, current living arrangements, and a conversation with the primary caregiver.
3. Establishing the Premium: After this assessment, families place a single premium from their savings or through mechanisms such as qualified rollovers or 1035 exchanges.
4. Receiving Income: Guaranteed monthly payments initiate within one month and continue throughout the annuitant's lifetime, ensuring that families have the necessary funds for care.

The Immediate Care Plan is available for individuals aged between 70 and 95 years, and clients may choose optional features, including a cost-of-living adjustment ranging from 1% to 8% and an enhanced death benefit that provides added financial protection for families.

This innovative offering is accessible through financial professionals nationwide, and individuals can reach Lumos for more information at 800-752-8328 or via email.

About Lumos Insurance

Lumos Insurance operates under the umbrella of The Plateau Group, an insurance holding company rooted in serving banks and financial institutions since 1981. Through its licensed subsidiaries, Lumos provides various insurance products focused on life, health, and property needs, while also emphasizing responsible lending practices. Headquartered in Crossville, Tennessee, Lumos Insurance has earned an A- (Excellent) rating from AM Best, reflecting its commitment to financial prudence and customer service.

Note: The Immediate Care Plan is underwritten by Plateau Insurance Company and is available in all states except California, Colorado, Hawaii, New Jersey, New York, and Virginia, with features that may vary by location.