November 2021
Financial Planning

November is Long Term Care month!

70% of people over the age of 65 will use some form of long-term care in the years ahead.  Costs can vary from $23 per hour for home care services, to well over $100,000 per year for a private room in assisted living and can vary dramatically from state to state.  These costs are expected to double in the next 20 years.  Buying long-term care insurance is one way to prepare for your future and preserve your financial plan.

Long-term care refers to a host of services that aren’t covered by regular health insurance. This includes assistance with routine daily activities, like bathing, dressing or getting in and out of bed. A long-term care insurance policy helps cover the costs of that care when you have a chronic medical condition, a disability or a disorder such as Alzheimer’s disease. Regular health insurance doesn’t cover long-term care, and Medicare won’t come to the rescue, either. It covers only short nursing home stays or limited amounts of home health care when you require skilled nursing or rehab. It does not pay for custodial care, which includes supervision and help with day-to-day tasks.

Considering how significant long-term care costs can be, we recommend starting to look at your options once you are in your 50’s. Whether you choose to self-fund the potential expense, or utilize long-term care insurance depends on your situation and preferences.  As we meet to discuss your long-term financial plan, we can explore this concept with each of you and find a solution that fits your needs.

If we haven’t talked to you yet about planning for long term care and you would like to learn more, please feel free to schedule a time for a conversation with us by calling the office.

If you have questions, please contact us.

MARKET UDPATE
COLLEGE AND TAX PLANNING
401(K) ALLOCATION
GRAPHIC OF THE MONTH

To download the November 2021 Newsletter: CLICK HERE