Long-Term Coverage Care
Protect Your Future With Long-Term Care Coverage
As you plan for retirement, one crucial aspect to consider is long-term care coverage. At Sevenwood Financial Services, we recognize that nearly 70% of individuals turning 65 today will likely need some form of long-term care in their lives. Understanding your options is essential, and taking a proactive approach with our retirement advisors can help tailor a plan that suits your needs, ensuring you’re prepared for the unexpected.
Understanding the Need for Long-Term Care
The importance of long-term care becomes evident when you recognize the statistics: the average individual will require care for an additional 3.3 years after the first year of assistance. Furthermore, a diagnosis of conditions like Alzheimer’s can significantly extend this timeframe, with patients living 4 to 8 years post-diagnosis. Planning for long-term care is not just about anticipating health needs; it’s about safeguarding your financial stability and ensuring your family isn’t burdened with unexpected costs.
Key Questions to Consider
Before diving into long-term care options, it’s crucial to assess how such needs could impact your family and retirement strategy. Ask yourself: Where do I want to receive care? What will it potentially cost? What long-term care coverage options are available to address those costs? Having these conversations with a retirement advisor can illuminate your choices and lead to informed decision-making tailored to your financial landscape.
Exploring Coverage Options
There are several avenues for covering long-term care expenses, including public programs like Medicare and Medicaid, informal care by family or friends, and formal care through assisted living facilities and nursing homes. Each option comes with considerations, such as coverage limitations and the availability of resources. Engaging with a financial services professional can help you evaluate the pros and cons of each option in the context of your unique situation.
Benefits of Life Insurance with Long-Term Care Riders
One of the most effective strategies for long-term care planning is life insurance with optional long-term care riders. These policies provide the dual benefit of a death benefit combined with the ability to access funds for long-term care if needed. They can offer flexible premiums and potentially larger long-term care benefits than the actual death benefit amount. Additionally, ensuring that these policies are structured correctly can protect you from rising costs associated with long-term care.
"We opened our account 15 years ago and have never lost a single penny when the market dropped. We are now taking an income from our accounts and have been receiving raises while taking the income. The returns from these accounts have resulted in us living very comfortably in retirement. We enjoy hearing from Sevenwood on every account anniversary to review our results and make decisions for the next year."
— Paulette C.
"I have been Sevenwood’s CPA for 20 years. I have enthusiastically watched the business grow over the years, all accomplished by their hard work and commitment to providing quality service to their clients. My experience with Sevenwood is that they have been very knowledgeable and ethical. I also have many clients that work with Sevenwood who are very happy with the advice they have been given and their accounts are doing extremely well."
— Mary M.
“Sevenwood is organized, professional, and they really know their business. They helped me and my husband organize our finances and guided us in a direction to financial success. I have 3 accounts, the first one opened 11 years ago. I am beyond delighted with the advice Sevenwood has offered, the growth of my accounts, and have complete confidence in their capabilities and recommend them to everyone I know.”
—Natalie G.
Reach Out to Us Today
Planning for long-term care is a once-in-a-lifetime opportunity to secure peace of mind for your future. At Sevenwood Financial Services, we specialize in helping clients navigate their long-term care and insurance options. Contact us today to discuss how we can assist you in creating a customized long-term care plan that fits your retirement goals.