Long Term Care

Long-term care refers to medical and support services for those who have difficulty in executing routine daily functions, or those individuals with prolonged or degenerative illnesses, cognitive disorders, old age and or other conditions. Nursing homes are probably what come to mind first when discussing long-term care, but long-term care can also include assisted-living facilities, continuing-care retirement communities and home healthcare, among others.

One reason long-term care planning warrants more consideration today than in decades past is because we’re living longer lives. According to the U.S. Department of Health and Human Services, 70 percent of people turning age 65 can expect to use some form of long-term care during their lives. Not having a plan can mean that costs fall on younger family members, causing a financial strain; or on a retired spouse, leading him or her to deplete their own retirement savings.

As the baby boomer generation ages and the demand for long-term care increases, new methods of paying for long-term care have surfaced. In addition, individuals may look for assistance from life insurance and annuity policies that may include features that provide enhanced benefits if the policy owner becomes impaired (subject to certain requirements).

Since dramatic changes in our health can surface quickly and without much warning, it can be extremely beneficial to have a sound plan to be able to fund long-term care, should you need it at any point in your retirement. We are here to help you prepare for a long and comfortable retirement.