Long Term Care Solutions
Why would you need to worry about Long Term Care?
- By the time we reach age 65, 7 out of 10 of us will need some level of LTC in our lifetime and this can create a financial and emotional hardship for most families.
- 55% purchase LTC between the ages of 55 and 65.
- The longer you wait, the more it can cost you to obtain coverage.
How can you cover your LTC needs?
There are many different ways to leverage your assets to maximize your long term care
coverage depending upon your specific situation. We explore various options, such as:
- Traditional Long Term Care Insurance
- Life Insurance with an optional LTC rider
- Annuity with a LTC rider
- Self-funded
Different Types of Care
Informal Care: Known and trusted individual such as your family, friends and community.
Things to consider:
- Availability - Who will that person be?
- Proximity - Who is close enough to care for you?
- Impact on physical, financial & emotional impact on the caregiver.
Home Health Care: Someone physically coming into your home to care for you.
Public Programs: Medicaid/Medicare
Things to consider:
- May require hospital stay
- May require you to spend down your assets
- Coverage is limited
Financial Concerns
Self Funding:
- Dedicates a portion of your portfolio to address LTC needs
- Traditional LTC, Life Insurance with Living Benefits and Annuities with LTC rider
Costs can vary due to:
- How long will care be needed?
- Using Adult Daycare, Assisted Living or At Home Care
Timing and Access
When does it kick in? When you are unable to perform 2 of the 6 activities of daily
living:
1. Dressing
2. Continence
3. Toileting
4. Eating
5. Transferring
6. Bathing
You may need it due to:
- Falls or other accidents
- Chronic Illness (certified by a physician)
- Strokes
- Cognitive Impairments (Dementia/Alzheimer's)
Questions people should ask themselves:
1. How can a Long Term Care need affect my family and retirement strategy?
2. Where should I consider receiving care?
3. What are the potential costs?
4. What options do I have to cover those costs?
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