Long-Term Care Planning

One of the best things you can do right now for you and your family is get legal, financial and care plans in place. Doing so allows you to participate in making decisions and ensures your family won’t be forced to make them for you in a crisis situation.

We serve families seeking guidance in navigating the many facets of long-term care planning. Our financial advisors evaluate specific family situations and make recommendations that are in your loved one’s best interest. We also consult with industry operators wishing to gain efficiencies through the use of our experience and technology.

Unfortunately, many nursing home and assisted living residents end up exhausting their assets on long-term care. But it doesn’t have to be that way. The best time to plan for the possibility of nursing home care is when you’re still healthy. By doing so, you may be able to pay for your long-term care and protect assets for your loved ones. How? Through Advanced LTC and estate planning.

You worked hard all of your life to pay off your mortgage and build a retirement fund. You expected to live off your savings in the comfort of your own home, and you planned to leave something to your kids at the appropriate time. Suddenly, the unthinkable happens and you must spend the rest of your years in long-term care. What will happen to your life savings?

The cost of long-term care has many families concerned about their financial future. Families often find themselves having to spend all of their life savings to pay for extended care for a loved one; federal and state guidelines even allow the state to take homes to recover Medicaid expenditures. Medicaid is a joint federal and state program that helps with medical costs for some people with limited income and resources. Medicaid also offers benefits not normally covered by Medicare, like nursing home care and personal care services — but will usually pay a maximum of 100 days of care in a long-term care facility. The family then becomes responsible for all expenses.

It’s best to talk about long-term care early — before the need for medical or personal care is imminent. Here’s help understanding, choosing and financing long term care. MayoClinic.com

The Dangers of Denial

In his article “Long-Term Care — An Impending Crisis for the Elderly,” Thomas Day, the director of the National Care Planning Council (www.longtermcarelink.net), estimates that:

  • 6 out of 10 people who are single will need nursing home care during their lifetime.
  • 8 people out of every 10 couples will need nursing home care during their lifetime.
  • 70% of us who live past the age of 65 will spend a substantial period of time in a long-term care facility.
  • Anyone reaching the age of 65 years has a 40% chance of entering a nursing home during their lifetime, with a 20 percent chance of staying there for at least five years.
  • Most health insurance does not provide coverage for long-term care. Neither does not Medicare
  • Going Broke
  • No Experience: Not knowing the rules and laws leads to delays
  • Marketplace Confusion: Hiring the wrong professional
  • Not being prepared
  • Waiting until it’s too late
  • Family Infighting
  • Difficulty dealing with the State bureaucracy
  • Guilt

Our comprehensive approach allows us to analyze your situation from every angle to ensure that you are aware of all your available options. We will meet with you to discuss your particular situation at no cost or obligation. Let us show you what we can provide.