PLANNING SERVICES
Long-Term Care Planning
Exploring options for managing the financial impact of extended care needs, and how those options may integrate into your plan.
What This Planning Area Covers?
Extended care needs whether from illness, injury or the progression of aging can have a significant financial impact that is frequently underestimated. The cost of in-home care, assisted living or skilled nursing care can be substantial, and most health insurance plans and Medicare cover only limited portions of these costs. Long-term care planning explores the options for managing this risk, including traditional insurance, hybrid products and self-funding strategies.
Common Questions We Discuss
What would extended care costs look like for my situation?
What options exist for managing long-term care risk?
How does long-term care planning interact with legacy goals?
What does Medicare actually cover for long-term care?
How do hybrid life/LTC policies compare to traditional LTC insurance?
Important Considerations
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Long-term care insurance premiums have historically been subject to rate increases
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Traditional LTC insurance uses-it-or-lose-it structure differs from hybrid products
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Self-funding requires setting aside assets that might otherwise be invested
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Family caregiving involves significant time, emotional and financial costs
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Early planning generally provides more options at lower cost