Protect Your Savings With Long Term Care Planning

Even though it may be hard to believe, 70% of us will need help with long term care later in life, and it will be expensive. We can help you get a long term care insurance policy to cover these costs, and help preserve your savings.

Long Term Care Planning

What Is Long Term Care

When you or a loved one may be unable to care for any of the following fundamental Activities of Daily Living (ADLs), long-term care is needed.

Any of these can occur at any point in one’s life, but are typical as people age.
List of Activities of Daily Living (ADLs)

Table of Contents

Who Needs Long Term Care Planning

Planning ahead, which includes speaking with your family (and/or friends), will help ensure you or a loved one receives the appropriate care.

A loved one can assist with the daily living activities of certain people through long-term care services. This may require the family member to move in with them permanently or for an extended period while the ADL problem is being addressed. It may force that person to quit their job or take time off work, jeopardizing not just the family’s financial stability but also the individual’s.

It is also possible for other people to seek the services of a long-term care provider. It could be a long-term care facility that they move into to get the care they need or a long-term care worker who comes into their home to help during certain hours of the day or night.

Regardless of how, where, and what type of care services are provided, if the services are rendered by anyone other than a family member, the long-term care costs will typically be very expensive.

While some individuals will be able to self-fund their care by drawing from their own savings, doing so will likely leave them with no assets to pass on to loved ones, prevent them from enjoying retirement, and leave them vulnerable to having to borrow money to pay for their care if they run out of money.

By protecting their financial resources and relieving the strain on their loved ones, many individuals find peace of mind in acquiring a long-term care insurance policy to cover their anticipated long-term care needs in the future.

That’s why it’s crucial that you get in touch with an experienced long-term care expert who can evaluate your needs and get you the most competitive rates for long-term care insurance. That is who we are and what we do.

Financing long term care When you don't have insurance

People often fail to consider the need for long-term care financial planning until it is too late and their assets have been exhausted by the ever-increasing costs of care. These costs have skyrocketed in recent years, making it essential to work with a financial advisor to put aside money for many years in order to finance them at the same rate as general price hikes.

These costs may be covered by a variety of insurance policies and financial products, including:

  • Long-term care insurance
  • Reverse mortgage funds
  • Retirement plan with long-term care provisions
  • Government Health Insurance Program: Medicaid

 

Medicaid is an alternative government resource if you don’t have the financial resources to pay for private insurance. To qualify for Medicaid, you must spend below a certain amount, or seek legal advice for ways to preserve your assets before you need medical care. 

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long term care planning

how can Policy Solver Help

We have over 25 years of Long Term Care Planning and Long Term Care insurance experience.  We are licensed and know the in’s and out’s when it comes to planning for your care needs as you age.  We’re here to help; not sell you something.  Truly.  Give us a call or book an appointment so we can have a conversation about your specific needs.

Cost of care is expensive and most of us Will need it

$105,850

National median cost for a Private Nursing Home Room in 2020

*2020 Genworth cost of care study

calculate your long term care needs

Long term care calculator

What can you Expect to pay

Key Takeaways:

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Get in touch so we can discuss your needs, and match you with the right product and coverage to fit your budget.

Where are you in your Life Insurance planning?

Life insurance will help you protect those you love and count on you for providing financial support, in the event you pass away. We’ll help you find the right policy, with the best coverage and best rates.

Where are you in your Medicare insurance planning?

Medicare insurance will help get  the healthcare you will need when you turn 65.  We’ll help get you enrolled and get you the best rates and coverage you’ll need on a Supplemental Medicare to make sure you’re fully covered.

Where are you in your disability
insurance planning?

Disability Insurance will help protect you from the loss of income if you become sick or unable to work for an extended period of time.  We’ll help get you the best rates and the coverage you need.

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