Long-Term Care Expenses Climb at a Steep Rate

The need to plan ahead for long-term care was DOUBLE underlined in a report from the MetLife Mature Market Institute. According to the report, this years cost for assisted living care rose 5.6% to $41,000. This rate is greater than the rate of inflation for general medical expenses. And if you need to receive care in a nursing home for an extended period of time, you can double that figure to $85,000.

In the report, the steep increase in the cost of long-term care services is blamed on the weak economy and high energy costs. With a slow recovery, and energy prices expected to increase in the future, there is no relief in sight   for long-term care expenses. 

Unless you can qualify for medicare, having a plan to pay for your long-term care expenses is imperative. Having a plan in place will allow you to receive a higher quality of care, and protect the financial security of your family. For help in developing your long-term care plan, contact me at info@superiorltc.com.

 

If I Need Long-Term Care, Will I have to Go to a Nursing Home?

Most people don't realize that now adays care in a nursing home is a last resort, and that by planning ahead for long-term care, it is very unlikely you will need to enter a nursing home for an extended period of time.

It's very common for people to mistakenly assume that "long-term care" is synonymous with "nursing home care." In reality, a person's care normally progresses through a continuum of care that rarely requires nursing home confinement.

For example, older people experiencing the frailties of aging may first require only a minimal amount of assistance in their home for a few hours each week. If the condition worsens and they experience problems with maintaining their balance, taking medications, or memory loss, a move to an assisted living community or Alzheimer's facilities may be the next step on the continuum of care.

The continuum of long-term care includes all the settings in which long-term care services are provided:

• The Family Home
• Board and Care Homes
• Assisted Living Communities
• Continuing Care Retirement Communities
• Alzheimer's Facilities
• Nursing homes

Get a free copy of my e-book "How to Plan for Long-Term Care" to learn more about this critical financial planning topic: email info@superiorltc.com with "Free E-Book" in subject line.

Can You Afford to Live a Long Life?

In past generations, the big fear was dying of an infection or cancer before reaching a ripe old age. Today, the biggest risk is living too long and having your financial resources run out. There are a number of factors that have contributed to people living longer lives- better healthcare, healthy diets,and  more exercise.  At the same time, there have been a number of factors that have and will continue to stretch our financial resources-particularly inflation and the high cost of medical care.

In terms of cost, the biggest risk we face is the need for long-term care. According to some reports, 6 in 10 men and 8 in 10 women will need some form of long-term care. In 20 years, the cost of care in a nursing home is expected to average $300,000 a year. Even care in an assisted living facility will run $160,000 annually.

Now is definitely the time to plan ahead for how you will pay for your long-term care costs. To receive an electronic copy of my book, "How to Plan for Long-Term Care," email info@superiorltc.com.

4 Benefits of Owning LTC Insurance

The major beneficiaries of our decision to plan ahead for our long-term care expenses is of course our family. In many cases, the person who needs care may be cognitively impaired or so frail that they don’t understand the impact that their need for care is having on their family.  The themes of  ”family” and “legacy” consistently surface when people are asked why they chose LTC insurance as their plan.

The benefits of having long-term care insurance include:

1. Protection of Assets: A need for long-term care is normally paid for with cash, most often from assets accumulated for retirement. Paying for long-term care with these funds can compromise a safe and secure retirement. Purchasing LTC insurance assures that our principle will not be invaded. It allows a retired couple to more freely enjoy retirement without being concerned that a long-term care need by one spouse will alter a well-planned and secure retirement for the other spouse.


2. Maintain Independence: People who purchase LTC insurance are guided by a need to ensure their independence and financial security and retain as much control as possible over their lives. The thought of having to rely on children or friends for lifetsyle decisions and personal care is out of the question.

3. Secure High-Quality and Affordable Care: As our society ages, the demand for high-quality care will skyrocket. Those who can guarantee payment with private funds- by using their own assets or by receiving benefits from an LTC insurance policy- may have greater access to the level of care they desire.

4. Maintain Current Living Arrangements:  LTC insurance may also allow us to obtain the quality of care we need at home, without relying heavily on family and friends.

Chapter 9 of  my book “How to Plan for Long-Term Care” will help you to determine if Long-Term Care Insurance is right for you. To request a copy of chapter 9, email me at allen@superiorltc.com