“If you cannot do great things, do small things in a great way.” – Napoleon Hill
Carlton B. Finley
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Protect Your Family's Future During Long-Term Care Planning Month
Life can be unpredictable, and even if we save for the future, unexpected health problems can make life difficult.
October is Long-Term Care Planning Month—a time to think about how we’ll handle the high cost of long-term care if we or our loved ones need it. Many families are not prepared for these costs, and by the time they realize it, it’s often too late.
Long-term care means getting help with everyday tasks like bathing, dressing, eating, and moving around. This care is important for keeping up a good quality of life, especially when someone can’t fully take care of themselves anymore. But the cost is high. In 2023, the average cost of a private room in a nursing home was about $9,500 a month! Unfortunately, most health insurance and Medicare plans don’t cover this, leaving families to deal with the expenses on their own.
While long-term care insurance has been around since the late 1970s, it didn’t become common until the 1990s. Even today, many people don’t plan for it. As healthcare costs continue to rise, it’s more critical than ever to be prepared. Relying on retirement savings, Social Security, or pensions alone might not be enough anymore.
The U.S. Department of Health and Human Services reports, about 70% of people over 65 will need some form of long-term care in their lifetime.
Think about that, 7 out of 10 people, including your family and friends.
The current median cost for a private room in a nursing home is over $108,000 per year, and in-home care can easily cost $60,000 a year. Without a plan, savings will evaporate!
The key is starting early. Even younger adults, far from retirement, should think about long-term care. It’s not only a problem for seniors. Anyone can face health issues or injury, and without a plan, it can be overwhelming. With many people living paycheck to paycheck, they don't realize that planning for long-term care can help protect them in the future.
This month, take time to think about your future. Talk to your family, meet with a financial advisor, or contact us for assistance. It’s never too early or too late to start planning. This month is a reminder that planning for long-term care isn't only about money. It's about having peace of mind and making sure that you and your family can live with dignity and security.
Understanding Health Information Matters
Every October, we celebrate Health Literacy Month—a time to learn how understanding health information can help us live healthier lives.
Did you know that over 40% of Americans struggle with basic health information? This can lead to serious problems, like not getting the right treatments, missing out on preventive care, and facing higher medical bills. Health literacy is more than reading a medicine label; it’s about making good choices that keep you and your family safe and healthy.
Helen Osborne started Health Literacy Month in 1999 to make health information easier for everyone to understand. Today, people worldwide hold events to help healthcare workers communicate better. But improving health literacy is something we can all work on, not only doctors and nurses.
Why Health Literacy Is So Important
Think about this: what if you’re given a new prescription, but the instructions aren’t clear? Or you skip a vaccine because the information was confusing. When people don’t understand health information, they can get sicker and spend more time in the hospital, which leads to bigger medical bills. According to the U.S. Department of Health and Human Services, people with low health literacy are less likely to get important care, like vaccines or check-ups, which can prevent bigger health issues.
Health literacy isn’t about understanding what your doctor says. It’s about having the knowledge to make the best decisions for your health and knowing where to find accurate information. These skills affect every part of your life and help you live longer and healthier.
How Health Affects Your Money
As a financial professional, I’ve seen how health problems can lead to financial problems, too. Imagine you or a family member has a sudden health emergency. The bills could be thousands of dollars, which could drain your savings and create financial stress. Health and financial security are connected. By improving your health literacy, you’re not only protecting your health—you’re also protecting your family’s financial future.
The M.I.S.E. Process: Protecting What Matters Most
At CB Finley & Associates, we use a process called M.I.S.E., which stands for Manage, Identify, Strategize, and Execute. This process helps families build strong financial foundations to handle life’s surprises, like health emergencies or unexpected bills. Our goal is to help you be financially ready for whatever life brings.
What You Can Do This Health Literacy Month
This October, take steps to improve your health literacy. Ask your doctor questions, look for reliable health resources, and take control of your health. Health literacy isn’t about understanding medical words; it’s about making better choices for yourself and your family.
Don’t wait until there’s a crisis. Schedule your strategy session today at www.meetwithcbfinley.com , and let’s work together to create a plan that keeps your family healthy, safe, and financially secure. Health literacy is more than a skill—it’s a foundation for a better, healthier life.
领英推荐
October is “Eat Better, Eat Together” Month, a time to reconnect with loved ones over nutritious meals and meaningful conversation.
Studies show that when families eat together, they not only make healthier choices but also build stronger relationships and feel less stressed. In a world where nearly 50% of Americans eat alone, we need more time together around the table—not just for the food but for each other.
The Benefits of Eating Together
When we gather for meals, we slow down, make better choices, and enjoy each other’s company. Eating together helps us form healthy habits and encourages everyone—especially kids—to focus on the positive. Here’s how dining together can make a difference:
The Downside of Eating Alone
With our always-on-the-go lifestyles, it may not surprise you that 46% of Americans eat alone, according to recent surveys. Young adults are especially prone to eating distractedly, with 44% of them often eating while on their phones, working, or even driving. But what’s the risk of these solitary, unfocused meals?
Take the Challenge this October!
This month, consider trying the “Eat Better, Eat Together” challenge. Start with just one meal a week where the whole family gathers at the table. Create a “No Excuses” night, unplug from devices, and focus on each other. Even small changes can have a big impact on your family’s well-being and happiness.
The table is more than just a place for food; it’s a place for connection. Let’s make mealtime meaningful this October and beyond!
Quick bites…
Stay tuned…
Thank you and be safe, see you in two weeks,
Carlton B. Finley | CB Finley & Associates | (248) 796-9419
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