"What Can I Do to Prepare for Long Term Care Expenses?"

If only we had a crystal ball.

Long term care can be paid in 1 of 5 ways (or a combination thereof), as applicable:

1. Savings
2. Long Term Care Insurance
3. Life Insurance Rider or Settlement
4. Medicaid
5. Veteran Benefits

You'll need a trusted advisor to guide you through the pros, cons, alternatives and implications within each option. It's a lot.

*Beware of the common myths regarding long term care:*

• Medicare will cover.
• I'll lose everything with Medicaid..(potentially not with proper planning.)
• I can transfer everything to my spouse or children.
• Health insurance will cover.
• Long Term Care insurance will cover 100%.

The odds of needing long term care are increasing daily as people are living longer, and costs are skyrocketing!

No one wants to think they'll need long term care. In the "olden days", care equated to nursing homes (generally, not a positive connotation.)

So, what exactly qualifies as a long term care condition or need? Generally, the inability to perform at least 2 activities of daily living and/or severe cognitive impairment. Find out more here.

Today, there are a myriad of care options depending on budget, care required and wishes of the participant. The most predominant are:

1. In-home health aid
2. Adult day health care
3. Assisted living facility
4. Skilled nursing care (semi or private room)
5. Memory care
6. Continuing Care Retirement Communities

Obviously, much can be written on each point above. Suffice to say, every situation is different. However, one thing is certain. Everyone should be clear on the following two points:

1. How will I pay for care, if needed?

2. What are my care wishes, if/when the time presents?

Working with a trusted advisor is key to making your plan. Typically, I'll review existing policies and discuss how each of the following pertains to your specific options:

• Age
• Involvement of family
• Financial resources
• Overall health and family longevity
• Goals and expenses

Make plans now that could avoid much stress and heartache for you, and your loved ones, in the future. I'd be honored to help.  

"We don't stop playing because we grow old. We grow old because we stop playing."-- George Bernard Shaw