Long-Term Care Insurance & Medical Planning
What is long-term care and why do you need insurance for it? LTC is assistance with activities of daily living such as bathing, walking, dressing, and visiting the toilet. Studies show that an estimated 56 to 70% of all people who reach age 65 will need long-term care (LTC) at some point in their lives. In the past, typical traditional long-term care insurance was costly and was money wasted if you ended up never needing care. Today’s hybrid solutions provide LTC funds if needed, or a death benefit to heirs if you don’t.
Having a plan for coverage for long-term care is critical in retirement because it is expensive—approximately $9,000 per month for a semi-private room in a nursing facility—and Medicare doesn’t cover it. Qualifying for Medicaid requires a complete spend-down of assets, leaving nothing for spouses or heirs, so it’s incredibly important to address this risk in your custom plan. Planning for the potential need for long-term care or disability is both a financial and emotional decision that will help you protect assets and your independence. Let’s talk about long-term care and medical planning!
Our Services
At Connect Tax and Wealth Management, we seek to provide each client with a comprehensive approach that allows you to simplify your life and make one phone call to manage almost everything related to your finances. Here are just some of the services we may provide as part of your custom financial and tax plan. Be sure to reach out to us for a complimentary conversation to discuss your life and financial goals and how we might help you reach them.
