LONG-TERM CARE

How much time have you put into thinking about your long term care? Not just your medical insurance, or how much money you will have saved away, but how you are going to finish out your life. Do you have a plan if your body begins to fail you?

Chances are you could live well into your 80s, your 90s, and possibly even longer. We as humans are living longer than ever and that means we have to plan even further ahead with our financials and health situations.

When you live a long life, the likelihood you will need long-term health care is greatly increased. People’s bodies break down, grow frail, and eventually need medical help. They also, in many cases, need help with daily tasks such as keeping their home clean. Younger people also need long term care as a result of accidents or illnesses.

The best way to be ready for this is to just be prepared. Have money, and plans, set aside so when it becomes apparent that you are going to need to be cared for that it can be done on your terms.

What is long term care?

Almost 70 percent of people turning age 65 will need long-term care at some point in their lives. Many people think the phrase “long-term care” refers to an insurance policy. While insurance may be part of your strategy, long-term care encompasses everything from long-term services and supports and finances, to where you will live and how you will navigate the myriad of legal, family, and social dynamics along the way.

Consider it like this. When you are at the point where you need care in your life what will both you and your family be most comfortable with? Do you have children or family members that you know can take care of you? Are they comfortable with that? Have you discussed that with them?

There is also the financial side of this. You can always put money aside, but it is difficult to put money aside for something that you have no idea when or if it is going to even happen. Medicaid will only cover so much.

Sometimes the best option is to get a second insurance plan for long term care. One that, if you ever are in need of help, you already have an insurance plan that can at least help with the financial side of your life.

Long Term Care insurance

Long-term health care is generally not covered by medical insurance, by Medicare supplement plans or group/employer insurance. For seniors on Medicare, the long-term care benefits can be quite limited.

That is why over 10 million Americans have purchased long-term care insurance. We offer several LTC solutions including individual plans, asset-based long-term care, and life-insurance-based long-term care. We will work with you to find the best plan for your LTC needs.

When you have long term care insurance you can be comfortable knowing that when the time comes where you are in need of care that you will not have to scramble to get a plan together.  Your insurance plan should already cover much of what it is that you are in need of care for. This can be as small as just needing help around your home, or it could be as large as putting you into a nursing home that will help you live comfortably for the rest of your life.

More importantly, with long term care insurance, you will be able to have a larger influence over whatever decision is made. This is your insurance which means that you will have the final say on what it is being used for.

Create a plan now

If you are in your 50’s then you may want to start making a plan now so you can be prepared for when it is time to begin investing in long term care insurance. We can help you decide when the best time to begin that investment is. At the latest, it should be around 65 years old, but many people will choose to start investing in it earlier.

What we can do for you at Statewide Financial is help you form your long-term care plan that you will be using your insurance for. Your long term care may be sitting in the back of your mind right now, but as time goes on you will begin to think about it more and more. With every medical appointment, ache, and new medication it will be sticking in your mind.

We of course want you to live a long, happy, and healthy life that will see very few issues, but you can never be too careful. Life is unexpected, accidents happen, and sudden changes can lead to your life looking drastically different than it previously had. When you have long term care insurance it is almost like a backup plan to your life.

At Statewide Financial we are big proponents on planning because plans can always be changed. Maybe your family has a long history of health deteriorating in your 70’s, but you reach that age and are still completely fine. Then you can always adjust your plan.

Do not rely on just insurance

While having long term care insurance is important you do not want to just rely on that. Having your own personal money set aside can help as well. This is also helpful because you can use that money for however you like as plans change.

When you reach your 50’s it is maybe a good idea to start setting aside a certain amount of money for your long term healthcare plans down the line. At worst it would be a good idea to create a plan so you can start doing that. As you put that money aside you can have it gain interest and it will turn into further savings that can go towards your long term care plan.

This money can then either go towards paying for your long term car insurance plan or you can hold on to it and pay for that separately. Having two forms of income for your long term care is never a bad idea when it comes time to actually use it.

Of course, if you are in a state where that money you have saved up is no longer necessary for long term care then you can always start using it for other ventures such as life experiences or investing into your estate

We can help you

At Statewide Financial we can help point you in the direction you want to go. Our years of experience helping our clients build wealth is proof that we understand planning, wealth growth, and investing that wealth into long term goals.

If one of your long term goals is to plan for better long term care down the line then you should contact us. We will help you form a plan, help you understand the best way to invest the money you do have, and even help you find the perfect insurance plan for you.

We want to help all our clients live a life that they feel is financially fulfilled. If you would like to learn more then give us a call at 561-744-0500, or use our online contact page. 

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1Source: Administration on Aging, U.S. Department of Health and Human Services

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