Long-term Care Planning
We Hope You'll Never Need It, But You'll Be Happy You Have It
According to a new study, over half of Americans 65 and older will need long-term care assistance with the activities of daily living at some point. Costs of long-term care can range from $3,500 per month for in-home skilled nursing, to upwards of $9,000 per month for a private room in a nursing facility. Unfortunately, many individuals who find themselves in need of extensive long-term care pay more than half of the cost out of pocket, as Medicaid and private insurance only cover a small portion.
Greater life expectancy coupled with the skyrocketing costs associated with high-level supplemental care make long-term care one of the greatest threats to your retirement income. The government can, and will, force you to utilize your CD’s, Social Security, pension checks, investments, IRA’s, and just about every other asset you own to pay for long-term care.
When developing a comprehensive retirement plan, mitigating the risk of long-term care expenses is crucial. Our family knows first-hand, long-term care isn’t just for you, it’s really for your loved ones. Caring for an ill spouse or parent can take its toll, both financially and emotionally. Our team of specialists will work with you to create a plan that will free your family from the worry of struggling to pay for care.