Long Term Care Strategies
Our goal is to take a very comprehensive view of every aspect of your financial future. Basic risk planning for the future is an essential part in our role to help you be ready for anything that could negatively impact your finances or net worth. As such, we offer a selection of long term care insurance options that can meet a variety of needs.
Who needs long term care insurance? Some studies have shown that as much as 70% of people reaching the age of 65 will need some form of long term care. That care can range from in home care for just a few hours a day to complete nursing home care where the person lives full time at a care facility. The range of services at these facilities can include help with the Activities of Daily Living (ADLs) along with medical care. Costs for this level of care can be quite high, as much as $250 per day. The risk factors include: life expectancy, gender, your family situation, and family health history.
If a client chooses to not self-insure against these potential costs we offer various long term care insurance options. The main options can be categorized in the following manner: traditional long term care pay as you go policies, one time lump sum premium policies with some life insurance death benefit, and life insurance policies with a long term care rider attached. Each option has its advantages and disadvantages.
To discuss these options further as they regard your specific financial situation please contact one of our advisors.