LONG TERM CARE
Long Term Care Plans can offer great protection against the depletion of retirement assets, along with keeping retirees in control of their own decisions, but it varies for each person. Our Advisors work with you to aid in building the right plan designed to address your concerns and fit your needs.
What is Long Term Care (LTC)
Long Term Care (LTC) is a range of services and supports you may need to meet your personal care needs. It has been estimated that 70 percent of retirees above the age of 65 years, will need assistance with things activities of daily living (ADLs) during their years of retirement.
Activities of Daily Living (ADLS) - Help with:
O Bathing
O Dressing
O Eating
O Transferring
O Toileting
O Incontinence
Long Term Care Planning is critical, especially since Medicare does not cover the costs.
The costs of Long Term Care vary based on geographical locations through the US, couple with the care setting, home versus facility along with the level of care required. Below is the table highlighting the types and costs of care, to help understand the projected estimations.
Monthly Median Long Term Care Costs: National Average (2021)*
IN-HOME CARE
O Homemaker Services........................................$4,957
O Home Health Aide.............................................$5,148
COMMUNITY / ASSISTED LIVING
O Adult day Care ...................................................$1,690
O Assisted Living Facility ...................................$4,500
NURSING HOME FACILITY
O Semi-Private Room............................................$7,908
O Private Room.......................................................$9,034
*Source: Genworth https://www.genworth.com/aging-and-you/finances/cost-of-care.html
LONG TERM CARE RETIREMENT STRATEGY
One of the most important aspects to consider in retirement is the avoidance of spending down assets to cover unforeseen long term care costs.
If you have retirement income that you have accumulated over your lifetime, it can very well be at risk of being depleted to cover long term care costs. In some cases depending upon your marital status your entire portfolio of nest eggs can be lost, leaving you solely dependent on state assistance through programs such as Medicaid.
Our advisors understand what is at risk. While many are living longer, overtime there is a decline in health which introduces the needs of long term care. The good news is there are solutions available to address this by setting the right plans in place.
Long Term Care solutions have evolved over time and can be addressed outside of the typical stand-alone plans. Today, there exists a myriad of strategies designed to compliment the needs of the retirement population. Determining which long term care strategy is right for you is what our advisors purpose to do, to fortify your overall retirement plan.
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TPMO Disclaimer
We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area.
Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.
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