A version of this article was published in the Morristown Citizen Tribune on August 15, 2018.
By: Andy Smith, Financial Services Trusted Advisor
Chances are, most of us will need help taking care of ourselves later in life. According to the U.S. Department of Health and Human Services, among 65-year-olds, 70 percent will use some form of long-term care in the years ahead.
Now that we’ve faced the financial facts, you might be asking yourself: how do people afford this?
Long-term care insurance can take away the financial burden on yourself or others to pay for your care.
There are two main benefits to purchasing long-term care insurance.
First, you can shelter your savings. Investing in a policy early-on will help ensure you or family members don’t have to pay out-of-pocket for your care. Your hard-earned money and savings can stay safely in a retirement or investment fund. Your family also won’t have to worry about allocating part of their finances towards your well-being. It’s a smart and selfless way to keep you and your family focused on what matters most: spending time together and continuing to live your lives free of worry.
Second, long-term care policies often provide more choices for care. Health insurance programs like Medicare or Medicaid often limit where you can go, how much care you can receive and how long you can stay in a facility. They are not meant to be long-term solutions. They also do not cover many of the Activities of Daily Living (ADL) such as bathing, dressing and eating, which make up the majority of long-term care services.
If you are considering investing in a long-term care plan for yourself or a loved one, I would love to talk to you about it. As the Financial Services Trusted Advisor for Strate Insurance Group, I work with clients in all life stages to find a policy and approach that fit their budget and family. Give me a call at 423-318-5800 or fill out a proposal request form on our website.
*Genworth 2017 Cost of Care Survey, conducted by CareScout®, June 2017