Long-Term Care and Your Future

Long-Term Care and Your Future

By: Anne Jewell, President Cox Associates, Inc.

Former First Lady Rosalynn Carter said it best:

There are only four kinds of people in the world: those who have been caregivers, those who are currently caregivers, those who will be caregivers, and those who will need caregivers.

Long Term Care (LTC) is pervasive in today's world. Research states, 70% of people turning age 65, will need some type of long-term care services in their lifetimes. LTC includes a wide range of medical and support services for people with cognitive disorders, prolonged illness, degenerative conditions, or for the result of trauma or accidents.

If these numbers make you think that long term care affects older individuals, you are correct. But younger people also need to consider long term care as part of their overall risk-management plans because accidents and illnesses prey on younger people, not just the aging.

To better understand, think of LTC as not only medical care but also "custodial care." This can involve providing assistance with activities of daily living such as eating, dressing, bathing, transportation or supervision of someone who is physically or cognitively impaired, or both. Long term care can be provided in many settings including your own home, adult day care programs, assisted living facilities and nursing homes.

The need to make plans for Long Term Care coverage is real, especially now, living through a pandemic, there are many reasons to consider products that offer such coverage. Most importantly among these is to preserve your independence and freedom of choice to stay at home or move to a specified care facility. LTC coverage removes the burden of your care from your family members, it can preserve a spouse's standard of living, and it can preserve and protect assets. Longer life expectancy and rising health care costs are trends that will continue to increase the value of a good LTC plan.

Clint Eastwood likes to say,

Are ya feeling lucky?" We'd rather say, “Isn't it smart to do a little planning... just in case.

What's your plan for living a long life? Into your 80s or 90s? Maybe even longer? Today, long term care is the greatest uninsured risk Americans face. Planning now - while you are younger and still in good health - is a critical step to protecting your financial independence, your retirement assets, and your future choices.

I urge you to call us for a no-cost consultation as an opportunity to learn more about the potential risks, costs, and options available.

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