Life expectancy has increased over the years making financial tools like long-term care insurance a key component of any sound retirement plan.
What is Long-Term Care?
Long-term care is custodial care for physical needs lasting
longer than 90 days. Specifically, the assistance is with ADL’s (Activities of Daily Living) such as transference, toileting, bathing, dressing and eating. Long-term care can
take place in a variety of settings such as the comfort of one’s own home, adult day care, assisted‐living or skilled nursing facility (SNF) and end of life hospice.
The average cost for long‐term care services varies by state and county but can easily cost thousands per month. Unfortunately, neither Medicare nor regular health insurance will pay for it (a fact that surprises many consumers).
Too often many are forced to self-fund---depleting savings when an insurance policy could have helped.
Why Long‐Term Care Insurance?
It can make a world of difference for many reasons including familial, emotional and financial. Aging and its challenges are part of the natural progression of life. Instead of convincing oneself that you will never need long-term care just face the facts that most retirees do.
In fact, three out of four retirees will require it at some point in their lifetime. Long-term care insurance is like “car insurance” for living a long life, but just like any
insurance remember it is only good if you have it before you need it.
Today, if you are doing well health‐wise and financially then take action now you can always be proud of.
Discounts and significant tax deductions may be available.
About the Author
Our Solomon Financial & Insurance Services is a Beverly Hills based insurance practice specializing in Long-Term Care Insurance, Medicare Health Plans (Part C and Medigap), Retirement Income planning and Life Insurance.
To schedule your appointment for retirement needs call 424-288-7649 or online at www.OurSolomon.com