Choice-Based Outcomes with and without Long-Term Care Planning
You may not have a formal plan Long-Term Care (LTC) plan or don’t yet see it as a necessary component of your comprehensive financial planning; however, most Americans will require LTC in some way as they age, so it’s simply a prudent measure to plan for the day you need care.
With A LTC Plan
You have a professional to plan for your care at home, providing all types of services related to your particular illness, injury, or condition.
Your family can be part of the care plan but will not have to be the planning experts.
They will have the money to pay for LTC expenses without depleting your family's nest egg for that care.
Your loved ones can carry on a more normal life.
Your family will provide care because they want to do it, not out of obligation.
Because you have a plan, you can choose a facility or age in place, whichever is more appropriate or desirable.
You may be able to remain independent and age in place at home.
You may be able to pass on some of your hard-earned savings/assets to your heirs.
You can "age in place" or stay with your children without depending on them for Caregiving.
You can feel good knowing the money you've worked hard to save will not be used up in just a few years.
There will be less friction between family members, as they won't be burdened with the responsibility of providing you care.
Without A LTC Plan
Someone in the family must decide who will care for you, who will pay, and where you will stay.
Your family must find the caregivers you need to age in place and maintain your independence.
You could be forced to use more than $100,000 a year to pay for care out-of-pocket.
Family members involved in providing care will be chained to your needs and may resent the situation.
Your family will have no choice but to deal with your health concerns - even at their own expense.
Your family may have to make choices based on their ability to pay rather than your needs or preferences.
You may be forced to enter a nursing home prematurely.
You may be forced to use a large portion of your assets/savings to pay for your care.
Your family may not be able to help you "age in place", keep you in their home or provide care for you.
One of the most significant financial risks you face is the potentially devastating cost of future LTC needs.
Family members often resent one another for not doing their part providing your care.
Please contact us so we can help you and your advisor navigate the Long-Term Care planning process, ensuring multi-generational financial security for your family.