We recently came across an informative article on the importance of Long-Term Care that we wanted to share with you. Below are some of the key insights from the article and a link to learn more.
“Americans are living longer: Let’s celebrate while planning for future healthcare needs
This anniversary is notable because in these 21 years, less than 7% of adults in the U.S. have purchased Long-Term Care insurance (LTCI) coverage. Most adults over age 50 have NOT planned for long term care or discussed it with their family. Creating a long-term care plan saves money, provides a guideline for the family in navigating care for the loved one, and determines the funding sources to pay for care.
Americans are living longer. Life expectancy in the U.S. has risen. By 2030, one in five residents in the U.S. will be age 65 or older, with 58% of women and 47% of men needing some form of extended care during their lifetimes. Unfortunately, this isn’t something people plan for. Statistics show that most people do not understand the various forms of long-term care and the different ways to pay for it. Many do not plan for long-term care until a health care crisis hits them.
When seniors do not plan for long term care, family and friends must scramble quickly to navigate the world of care options: placement, caregiving, insurance, benefits, paying for care. This includes taking out reverse mortgages, spending down savings, and/or tapping into retirement accounts, etc. to pay for care — leaving little or no funds for a surviving partner or for legacy.”
Click here to read more about how creating a long-term care plan helps address a variety of key elements: www.calbrokermag.com
Sincerely,
John L. Jenkins, AEP®, CFP®, CFF, BPC
Gregory R. Banner, CFP®, CLU®, CRTP
Monica Szakos Cramer, CFP®, CFF, CEPA, BPC, BFA
Joshua Khokhar, CFP®
Sources:
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