Our resources should help you begin the process of understanding your Long-Term Care (LTC) planning needs. When you're ready to proceed, please apporach your advisors for guidance. If you don't have an advisor familiar with LTC planning, please contact us and we can recommend one.
Beginning The Planning Process.....
A comprehensive financial plan today should include a LTC component - It's that simple!! A LTC plan can help mitigate the risks associated with the unexpected and high costs of nursing home care, home health care and numerous other items not covered by health insurance or Medicare.
Recent surveys reveal Americans understand the implications of not implementing a LTC plan. However, very few take the initiative to include LTC Planning to address this issue in their financial, retirement, estate or risk management planning.
A report, released by the LIFE Foundation, a nonprofit consumer education company, shows 71 percent of respondents believe 50 to 80 percent of
adults 65 and older will need LTC services at some point. However, just 8 million Americans have a LTC plan, even though 100 million are older than 50.
Americans are only starting understand the chance of needing LTC is significant, however few are really prepared. Planning ahead is one of the best ways to guarantee that you'll get the care you need if or when you're no longer able to care for yourself.
Take An Honest Look Into The Future.....
Most Americans already have significant financial responsibilities, and resist the idea of paying for or implementing a LTC plan. However, we encourage you to include this topic as a component of a comprehensive financial plan, regardless of your age.
While the majority of those implementing LTC planning are between the ages of 55 and 65, we recommend people begin the process a plan in their 40's or 50's so it will be most affordable. Especially when approximately 40% of all Americans receiving LTC services are under age 65 and these expenses are not covered by health insurance.
For those at or near retirement, or even those with health concerns, LTC Planning may not be as expensive as you might think. In fact, much of the planning we do with advisors and their clients simply reallocates existing savings & assets, or upgrades existing insurance or annuity portfolios.
There are also a variety of ways to implement a LTC plan, so it’s time to begin doing your research, and then work with a professional who can explain the various options. Once your LTC plan is implemented, it should ultimately compliment the other retirement, financial, estate and risk management planning you're considering or which you’ve already completed.
Please feel free to contact us with questions
throughout the Long-Term Care Planning process....