Create a Long-Term Care Plan that Protects your Family, Retirement, and Legacy
Long-Term Care Isn't What It Used To Be. Now you can create a plan that provides peace of mind that your loved one will receive the quality care when, where, and how you want for them, along with protection for the assets that you have worked a lifetime to accumulate.
When it comes to long-term care planning, Did You Know...
70%+...
Over 70% of people over age 65 will need some form of Long-Term Care
60%+...
Over 60% of Caregivers used their own retirement funds and savings to pay for care
100%...
100% of families are effected when dealing with long-term care
- Providing care to a chronically ill person often makes healthy caregivers chronically ill
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If you ever need care over a period of years, your life is not going to end... Someone else's life-or lifestyle-is going to end.
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Providing care doesn't bring families together, it often tears them apart.
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Would you rather have your wife and/or children provide your care? Or supervise your care?
Think about this...
In the event that you DO need long-term care...
- Where will that money come from?
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Will that derail your retirement money or the money left to your heirs?
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How will that affect your family relationships?
So... What is Long-Term Care?
Most people don’t know what long term care is until they or someone they love need it...
Long term care is the care you may need if you are unable to perform daily activities on your own.
That means things like eating, bathing, dressing, transferring and using the bathroom, or have a cognitive impairment such as Alzheimer's or Dementia.
When you can't perform these daily activities on your own, someone will need to assist you.
The goal of long-term care is to help you maintain your lifestyle as you age. With that in mind, an extremely important question needs to be considered...
Who will be the one assisting you, supporting you, and helping you keep up with these day-to-day activities?
If you don't have a properly structured Long-Term Care Plan in place, often this burden falls to at least one of your children... likely your daughter, who will have little choice but to put aside her life to help provide care.
But consider this: do you want her to be the one that is helping you go to the bathroom, dressing you, bathing you and more?
Probably not! And it's even more daunting when you consider the fact that providing care to a chronically ill person often makes healthy caregivers chronically ill.
When it comes to care, being aware of the average MONTHLY costs is critical...
- Home Health Care: $5,800+
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Adult Day Health Care: $1,900+
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Assisted Living Facility (private, one bedroom): $5,300+
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Nursing Home Care (Semi-Private Room): $9,900+
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Nursing Home Care (Private Room): $13,600+
*Genworth, 2020 - Sacramento, CA Area Cost of Care Averages
Affording Long-Term Care Coverage
Long-term care costs are UNDERESTIMATED. But the cost of coverage is OVERESTIMATED
Option 1Self-Pay
One way to pay for care is out of pocket, using your current income and the assets that you have accumulated. However, with the cost of private care in a facility being over 6 figures annually on average, that may cause your nest egg to dwindle fast; either causing you to run out of money, or leave little to nothing behind to your heirs and beneficiaries.
Option 2Pay As You Go
The "pay as you go" method is what most people are familiar with. With this method, you pay a certain amount (premium) periodically, such as monthly or annually, throughout a specified duration. This method is ideal for those who do not have a lump sum of money currently available.
Option 3Reposition Assets
Let’s say you have some money sitting around either in a retirement account, bank account, or even an insurance policy. Did you know you can leverage that money to pay for your care? Furthermore, you can do so without needing to pay any additional premiums!
Preparing with a Long-Term Care Plan
Long-term care insurance helps you pay for that care, and enables you to leverage your dollars today, to maximize the benefits you receive down the road.
A need for long-term care may result from accidents, illness, advanced aging, including dementia and other cognitive impairments, stroke, or other chronic conditions.
Contrary to popular belief, Medicare, Medicare Supplement Insurance, and Health Insurance you may have at work usually won’t pay for long-term care.
Cognitive illnesses, such as dementia and Alzheimer’s disease are a growing concern for society. Currently, 5.8 million Americans have Alzheimer’s and that number continues to grow steadily. In fact by 2050, this number is projected to increase to almost 14 million. The average life expectancy after Alzheimer’s disease diagnosis is 8-10 years, much of which may require some form of long-term care.
Even if you don't think Alzheimer's will be an issue for you, think about this...
On average, more than 7 out of 10 adults over age 65 will require some type of care!
Long-Term Care Allows You To...
- Leverage your dollars today, to maximize the benefits you receive down the road
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Receive help from an experienced care coordinator at an insurance company, to help you make informed decisions
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Eliminate the stress and burden of who should be responsible for care
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And so much more...
Common Long-Term Care Questions...
Will Medicare or Medicaid Cover Me?
Unfortunately Medicare and Medicaid coverage is extremely restricted. Medicare only pays for a portion of the costs up to 100 days (the average long-term care stay is over 2 years), and Medicaid is only available for those with extremely limited assets and income.
Can't I just have my family take care of me..?
Well... you can... but understand that caregiving negatively impacts women in the family, and those caring for ill parents are twice as likely to experience depression or anxiety. Even "at home" care can be expensive, averaging over $325,000 per occurrence according to the Family Caregiver Alliance.
Can I just use my retirement savings to pay for it?
People underestimate the costs of long-term care.Some studies have shown that an unplanned care event may drain savings 2–3 times faster than anticipated, especially when you consider the average national cost for a private room in a nursing home being more than $8,500 per month.
What happens if I purchase long-term care insurance and don't ever need it?
Fortunately, our specialty is helping you find the perfect solution for your situation so you don't fall into a "use it or lose it" trap. Not only will we help you find the most affordable solution that fits your needs, we make sure that if you never need your long-term care benefits you can either use that money for other needs, such as vacations or other expenses, or simply pass that money onto your heirs.
"...my father's care was covered 100% for the 2 years he was in an assisted living facility before passing away..."
Mike Sloan, CRPC®
"I am a Chartered Retirement Planning Counselor®, and licensed insurance professional. For over 30 years I have helped my clients to grow, access and protect their wealth in a tax advantaged manner.
My passion for helping people with Long Term Care planning comes from the personal experience I had when my father began to suffer episodes of memory loss and was ultimately diagnosed with Alzheimer's disease. After a few of months of my mom and I taking care of my dad, his condition deteriorated to the point that full time care was required. Thankfully my parents followed my advice and purchased a Long-Term Care Policy. After a 90-day elimination period, my father's care was covered 100% for the 2 years he was in an assisted living facility before passing away.
Due to my parents' decision to purchase Long Term Care, when my father passed away, my mom retained her financial assets and lived the remainder of her life financially comfortable.
I look forward to meeting you!"
-Mike Sloan, CRPC®
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