Long-Term Care Planning
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Our reality is 70% of those who turn 65 are expected to need some form of long-term care. It may never happen to you, but what would the consequences be to your family, financially,
physically and emotionally if you became frail and did require
care over a period of years?
This is the Wild Card in you financial and estate plans
Long-term care is an unexpected, immediate event that impacts the entire family
It changes the lives of spouses and adult children as they become caregivers
It is the largest unfunded financial risk that can adversely affect retirement plans, investments, estate plans, and family goals
This is not just an issue for the elderly
An extended health care event can happen to anyone at any age
Is a period in one’s life when they have a chronic physical or cognitive disability
Can be the result of an accident, illness, injury or just normal aging & frailty
Needs range from custodial (e.g., dressing and bathing) to intermediate and skilled care
What Pays for Care
Custodial care services received at home or in a facility can cost $5,000 to $15,000 per month or more, and will be more expensive in the future
Medicare, the Affordable Care Act (ObamaCare) and group health insurance does not pay this care
Medical welfare (Medicaid and Medi-Cal) is available to pay for nursing home costs for those who meet certain financial eligibility requirements.
Only personal income, assets or an insurance policy with long-term care benefits pays for custodial care
