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Long Term Care: Is It One of Your Big Concerns Too?

Long Term Care: Is It One of Your Big Concerns Too? 

 

A quote in a recent article on Yahoo states that “The COVID-19 pandemic has served as a wake-up call to Americans about their vulnerability to unforeseen illness and mortality, and has already inspired three out of four adults to make changes in their plans for the future, according to a survey recently conducted by Genworth.” 

Another article, and survey by Lincoln Financial found that 44% of the participating investors felt they were unprepared to handle long term care issues.  (And that they were more concerned about that than taxes and the IRS!) 

I’ve seen this first-hand this year as I’ve been hearing from more of you about these same concerns.  Concerns like: not having a long term care plan, or getting your estate plans in order. 

Long term care is such a big concern for many people that pre-planning for it is avoided (head in the sand) and often-times goes un-addressed.  The result of that is that when we, or loved ones around us need care, we have no plan in place and are scrambling to figure out what to do, and how to pay for it. 

It is arguably an uncomfortable topic to tackle. 

Honestly, I could count on one hand the number of times someone has enthusiastically sought me out for help with this topic.  It takes a hearty sole to plan for a time in our life when we may need to be reliant on others, physically and possibly even financially.  Or a time in life that could just be outright expensive!

So in the vein of Long Term Care awareness month coming up in November, I want to let you know that there IS hope, and it starts with a plan. 

Everyone’s plan is different. 

Will it include insurance? 

Will it include caregiving from loved ones around us? 

Will we be able to stay where we live now?  (most of us want to)

Or will we need to move? 

What do local options look like? 

There are a lot of parts to this process and affordability is what I’ve seen to be the hardest part of that exploration. 

Care options have expanded quite a bit, and likewise, insurance protection has morphed significantly in recent years.  What you may not have liked 10 years ago (including a use-it-or-lose-it) isn’t the only option anymore.  A lot has changed in this space.

If planning for long term care has been a concern on your mind too, whether it’s because you’re not sure where to start, what to consider or if insurance is something to look into, reach out and we’ll help point you in the right direction. 

 

For more on this Genworth Survey findings:

https://finance.yahoo.com/news/genworth-survey-covid-19-forces-131500059.html?guccounter=1

 

For More on the Lincoln Findings:

https://www.thinkadvisor.com/2020/07/07/this-threat-scares-investors-more-than-the-irs-lincoln-financial/

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Check the background of this financial professional on FINRA's BrokerCheck