Monheit Frisch Group is right by your side to help you stay up to date. Please visit our COVID-19 Resources Page for Legislative and Regulatory updates.

Check us out on FINRA’s BrokerCheck

The Who, The What and The Ways of Planning for Long-Term Care.

Long-term care is the type of care that you may require one day if you do need support with simple everyday life activities. Planning for its expense now lets you afford quality care in the future and reduces the possibility of LTC costs that might drain your retirement savings.

 

The Who: Who covers long-term care?

Medicare only covers long-term care in limited circumstances. Such as a short stay in a skilled nursing facility after a hospitalization. It will pay for a maximum of 100 days. It does not cover long-term care if that’s the only type of care you need.

Medicaid will pay for some long-term care services, but your income and assets must be extremely low to qualify for Medicaid.

The Veterans Health Administration provides some long-term care services to individuals enrolled in its health care system.

 

The What: What are the chances that you’ll need long-term care?

Greater than you may think. Someone turning age 65 today has almost a 70% chance of needing some type of long-term care services and supports in their remaining years, according to the U.S. Department of Health and Human Services.

 

The Ways: Here are three ways to plan for long-term care expenses

Build up your savings. One way to prepare for the possibility that you may need long-term care one day is to save enough money to cover long-term care expenses on your own. The advantage of this approach is that if you do not need long-term care services, your heirs will eventually inherit the money you set aside for long-term care.

Purchase a traditional long-term care insurance policy. This type of insurance policy generally covers part of the cost of long-term care services received at home or in a nursing home, assisted living facility, or adult day services center.

Purchase a combination of long-term and life insurance. Combined coverage generally pays benefits for long-term care if you ever need it and a death benefit to your beneficiaries, reduced by any long-term care benefits you received.

 

Set up a no-obligation consultation and talk to our financial professionals about how to plan for the cost of long-term care.

 

Leave a comment

We have two locations for your convenience:

 

Want to stay informed? Sign up for our newsletter:

 

Surprise Regional Chamber of Commerce LogoCPA PFS Logo

Avantax affiliated advisors may only conduct business with residents of the states for which they are properly registered. Please note that not all of the investments and services mentioned are available in every state.

Securities offered through Avantax Investment Services SM, Member FINRA, SIPC. *Investment advisory services offered through Avantax Advisory Services SM ** Insurance services offered through an Avantax affiliated insurance agency

The Avantax family of companies exclusively provide investment products and services through its representatives. Although Avantax Wealth Management SM does not provide tax or legal advice, or supervise tax, accounting or legal services, Avantax representatives may offer these services through their independent outside business. This information is not intended as specific tax or legal advice. Please consult our firm and your legal professional for specific information regarding your individual situation.

Content, links, and some material within this website may have been created by a third party for use by an Avantax affiliated representative. This content is for educational and informational purposes only and does not represent the views and opinions of Avantax Wealth Management SM or its subsidiaries. Avantax Wealth Management SM is not responsible for and does not control, adopt, or endorse any content contained on any third-party website.