Upstate Life and LTC

Long term care insurance has become a critical component of financial planning, with costs exceeding $100,000 per year per individual. To navigate this, families must take key steps. This includes a detailed analysis of current LTC costs in their area (institutional over in-home care), considering the level and duration of care needed for women versus men at different ages, and deciding on the extent of coverage through savings or other means in lieu of an LTC policy. By addressing these factors, couples can proactively address the challenge of long term care and prevent it from becoming a burden on their children in the future.

Filial responsibility laws can pose a significant financial risk for families, particularly younger couples. These laws, found in over 30 states, hold children accountable for their parents' medical debts, including long-term care expenses. With long-term care costs surpassing $100,000 per year, understanding these laws is crucial to protect family assets. Authorities have even placed liens on children's properties in some cases. Stay informed on this important topic: https://lnkd.in/dgK7vR54

The long term care industry is facing a looming crisis as LTC costs are projected to rise drastically with the aging baby boomer population. In many areas, LTC currently exceeds $100k/year, emphasizing the urgent need for a long term care plan. Taking action now can safeguard assets and alleviate the financial burden on families in the future. Stay informed about this critical issue: [Read more here.]?https://lnkd.in/ex7iVyYF

Regardless of political perspectives, one thing is for sure - the recent Biden regulations for long term care will mean skyrocketing prices for long term care expenses, which have already been increasing at an exponential rate. This puts even more stress on social safety nets like Medicaid that are already bursting under the strain of current baby boomer retirements. It's more crucial than ever that every person's retirement plan includes long term care. Failure to do so can be financially devastating for families who don't plan for this need when they still have the option to do so. Stay informed and plan ahead. Read more about the recent regulations for long term care here: https://lnkd.in/gxiX4AqH

Can your retirement funds be taken to pay for long-term care? The answer is no, but that doesn't mean your assets are safe. The risk of long-term care depleting those assets is still very high and can leave you with bills of 100k a year or more. The solution? Have an LTC plan in place earlier rather than later. It's far easier than most folks think and simply requires planning and some initial forethought to prepare for the path ahead. Don't wait until it's too late. #retirementplanning #longtermcare #financialplanning?

As baby boomers retire and long term care staffing struggles to keep up, the cost of care is expected to skyrocket even higher. Currently at around 100k a year for one person, new regulations are anticipated to make the crisis even worse. Planning ahead with an LTCi specialist can help formulate a strategy. It's a simple, painless, and unpressured process, and many individuals' most common reaction is "why didn't I do this years ago?" It's one of the greatest gifts you could give to your family and loved ones for the path ahead.

A common objection I hear to long term care insurance is “Doesn’t really matter, because inflation is going to wipe out whatever funds an LTCi policy has anyway.” Not true. A well-designed LTCi policy (not simply whole life) will provide significant leverage (7 to 1 in some cases) while allowing the long term care funds to INCREASE in order to keep up with inflation. The key is purchasing the correct policy (different for each person and a life and ltc specialist can help recommend) and also starting early. Delaying only increases the cost and many who procrastinate are unable to purchase for health reasons. LTCi is well worth the investment and one of the best gifts you can give your family—children and grandchildren will thank you in the days ahead!