Long-term care refers to medical and support services for those with difficulty executing routine daily functions or individuals with prolonged or degenerative illnesses, cognitive disorders, old age, and other conditions. Nursing homes come to mind first when discussing long-term care, but long-term care can include assisted-living facilities, continuing-care retirement communities, and home healthcare, among others.
Long-term care planning warrants more consideration today than in decades because we live longer lives. According to the U.S. Department of Health and Human Services, 70 percent of people turning age 65 can expect to use some form of long-term care during their lives. Not having a plan can mean that costs fall on younger family members, causing a financial strain, or on a retired spouse, leading them to deplete their retirement savings.
As the baby boomer generation ages and the demand for long-term care increases, new paying methods have surfaced. In addition, individuals may seek assistance from life insurance and annuity policies that may include features that provide enhanced benefits if the policy owner becomes impaired (subject to specific requirements).
Since dramatic changes in our health can surface quickly and without much warning, it can be highly beneficial to have a sound plan to fund long-term care, should you need it at any point in your retirement! We are here to help you prepare for a long and comfortable retirement.
As we age, the need for long-term care becomes more and more likely. To ensure that you are prepared to meet the financial needs of long-term care, it is crucial to understand the basics of long-term care planning and insurance.
As mentioned above, long-term care describes various services designed to help individuals with chronic illnesses or disabilities complete daily activities. These services can include physical therapy, occupational therapy, speech therapy, medical treatments, and personal assistance with daily activities such as bathing, eating, dressing, and more.
Having a comprehensive plan in place for your long-term care needs can help provide peace of mind knowing that you have taken steps to ensure that you will receive the necessary care in the event of an illness or disability.
Additionally, understanding your coverage options, such as through Medicare or Medicaid, can help you make informed decisions regarding your healthcare costs down the road.
Fortunately, there are a variety of insurance options available for those who need long-term care services. Depending on your individual needs and budget, you may want to consider long-term care insurance, Medicaid, Medicare Advantage plans with extra benefits for long-term care services, or veterans benefits for those who have served in the military.
Additionally, some employers may offer long-term care insurance as a benefit option, so it’s worth looking into if that applies to you.
Long-term care is an integral part of financial planning. Therefore, it’s essential to have a plan in place to make sure you can live comfortably and securely as you age.
Your long-term care plan should include strategies for protecting your assets and income, preparing a budget to cover your healthcare expenses, and finding an appropriate home or facility care based on your needs. We at FSS Group will work with you to create a comprehensive long-term care plan that meets these objectives.
First, we can help you identify potential sources of funding for the cost of long-term care. This includes exploring options such as health insurance, Medicaid, veterans benefits, and other public benefits that may be available in some cases.
Furthermore, we can review any existing investments or savings accounts you have set up for retirement to determine if they would be sufficient for covering the costs of long-term care services now or in the future.
Next, we will work with you to develop an effective budget for covering your healthcare expenses over time. This includes forecasting any medical procedures or treatments that might be required down the line and making sure there are funds available to pay for assisted living or nursing home services if necessary. We’ll also help you find ways to reduce expenses where possible so that your long-term care plan is sustainable over the years.
At FSS Group, we believe everyone deserves access to reliable long-term care planning solutions that meet their individual needs. That’s why we’re committed to providing those solutions through personalized advice. As experienced financial advisors, we genuinely understand what it takes to secure a comfortable future for yourself and your family.
Contact us if you’d like more information about how our team can help put together a comprehensive long-term care plan tailored specifically for you!
