We are all getting older – it’s a fact of life. As we move toward retirement and beyond, there is a good chance that we will need help taking care of ourselves later in life. While most of us have a long-range financial plan to prepare for retirement, how do we prepare to meet the needs of health and daily care services that aren’t covered by regular health insurance? Long-term care insurance can be a great option.

Long-term care refers to those services that help with daily living needs outside of healthcare, such as dressing, bathing, cooking, grooming and getting around. Policies like these cover those costs when health conditions or disabilities make these activities impossible without assistance and they reimburse for services that are delivered in the home or in facilities that provide help. Since these costs can be a large expense, waiting until you need care to buy coverage can be problematic. If you already have a condition that requires these services, you won’t qualify for coverage for many of these plans. The time to plan is now.

Simply put, the cost of long-term care is high and increases yearly. Insurance and Medicare only cover short stays in nursing facilities if you require rehabilitation therapy and won’t provide long-term financial assistance.

Should you buy long-term care insurance?

Nearly half of retirement-aged adults will eventually need these services due to disability or age-related conditions. The Department of Health and Human services estimates that around 20% will require care for between two and five years. The average cost of skilled nursing care can reach upwards of $100,000 per year. With the population living longer, it makes sense to anticipate these costs before you retire.

Long-term care products can give you more options when it comes to care. If you are dependent on Medicaid, there will be fewer nursing homes and assisted living facilities to choose from since many private facilities do not participate in government programs. The more money you have available to spend, the more choices you will have. However, spending retirement income on long-term care can quickly destroy your hard-earned savings.

Long-term care insurance can protect your savings. Investing in these products now means that you can continue to utilize your retirement income rather than using it to provide for daily care. These solutions are an important part of any retirement plan.

There are options.

No retirement plan is complete without considering long-term care. Blue Waters Financial Group provides advice, proper planning strategies and long-term care insurance products that can take away uncertainty. We encourage our clients to take these steps now to take the stress away from adult children and family members in the future. If you’d like to find out how long-term care insurance is an essential part of retirement planning, schedule your no-obligation meeting with us. It will cost you nothing to hear about your options and how we can help. Call us today at 704-790-2583 (BLUE), or get in touch through our contact on this website.

Thank you.

As we approach Thanksgiving Day, we are reminded of what’s important to us. We are so thankful for our clients, friends and family who enrich our lives and bring us so much joy and happiness. 2020 has been a tough year with many unexpected challenges, but I encourage everyone to stop be grateful for what really matters – the people we love.

The team at Blue Waters wishes you and your family a wonderful and happy Thanksgiving!