It is reasonable to assume that if you live to 80 or longer you could need care assistance for at least a few years. This will be an increased expense that will affect your income.
A Long-Term Care Plan addresses longevity, how you will remain safe at home or at a retirement community, and mitigates the consequences of needing care and paying for it. Often the emotional, physical, and financial consequences are felt most deeply by the caregiver, typically a spouse or adult child.
Receiving outside care can help offset these consequences.
Many people automatically think planning for long-term care consequences simply means buying insurance. This is not a plan. A long-term care insurance policy could pay for your plan, but it is not the plan.
Long-Term Care insurance is just one way to protect your family, income, and lifestyle from a long-term care event and it should be examined. For example, many people are unaware of recent renovations in long-term care insurance options available:
Ultimately, Long-Term Care Planning can be complex and it can take time to understand how the pieces of retirement planning figure in a long-term care event for you and your family.
When should you start Long-Term Care Planning?
Individuals in their mid-50s should start planning for a long-term care event. Planning ahead will spare your family from hardship in the future.
We often hear, “I’m too young!” It’s not just for you. The reality of caregiving for parents, a loved one, or a spouse can come much sooner in life than expected.
What else is there to Long-Term Care Planning besides insurance?
In Long-Term Care Planning, we look at estate planning, Medicare, Medicaid and self-insuring, which means your retirement income available to pay for long-term care depends on:
We’ll educate you on the risks and consequences due to a long-term care event and create a meaningful funding plan to protect your family, lifestyle, and income. We’ll create a plan together that addresses these care cost questions and lifestyle changes:
Potential budget changes for couples:
For single persons:
NorthStar can help you prepare to answer questions like this in a Long-Term Care Plan and there are many more planning options available today than most people realize.
NorthStar provides planning and education on your long-term care options for what could potentially be a significant expense for you in your latter years.
Our team is committed to helping you make smarter decisions about your money and creating a plan that fits your unique situation- including investment and income strategies, social security and tax planning, healthcare, as well as estate planning.
Call us today for a complimentary consultation:
NorthStar Financial & Retirement Planning (864) 297-0762
Our 5-STEP RETIREMENT GUIDE will show you what information is needed to understand the risks associated with retirement so that you can make smart retirement planning decisions.
It can be difficult to decide where to go for financial advice. At NorthStar, we believe in the Golden Rule: treat others the way you would like to be treated. We understand that people can be apprehensive when asking for information and assistance.
Our promise to you is that we will be respectful of your time and there will be no pressure or obligation to do business with us. We want you to be comfortable from the minute we meet!