Long-Term Care Planning
Long-term care planning
Protect yourself and your loved ones while securing your financial future.
A recent study conducted by U.S. Department of Health and Human Services estimated that over half of Americans turning 65 will develop a disability serious enough to require long term care services, with 1 in 7 adults in need of assistance for more than five years. They estimate a person turning 65 today will incur $138,000 in future costs related to long-term care services.
What most people don’t realize is that the majority of these potential costs may not be fully covered by your current health insurance or Medicare plan. While you may be planning for the general needs of aging, long-term care planning also accounts for a chronic illness or disabling injury that would prevent you from living on your own or properly caring for yourself, regardless of age.
Long-term care includes planning for help with day-to-day tasks as well as services provided by nursing homes, assisted living facilities, adult day care centers, hospice facilities, and skilled nurses or home health aides.
Our long-term care planning solutions include:
Long-Term Care Insurance
Long-term care insurance coverage includes home care, assisted living, hospice care, nursing home and Alzheimer’s facilities—services generally not covered by health insurance, Medicare or Medicaid. It can also help cover your out-of-pocket expenses.
Universal Life Insurance
If you are unable to perform at least two of six defined activities of daily living or require substantial supervision you may be able to advance the death benefit of a universal life insurance plan in monthly indemnity payments to help pay for long-term care services. In addition, many policies feature a refund of your premium if the policy isn’t used.
In the event of a terminal illness, certain annuities can benefit you by providing a payout while you are still alive.
If long-term care insurance isn’t right for you, personal savings, a pension or income from investments may be sound options. Setting aside assets directly for long-term care can help ensure you prepare for any challenges you could face in old age.
Without proper planning and preparation, an unexpected disability could quickly deplete your retirement savings and dramatically impact your financial security and long-term wealth. Our holistic approach provides the right solution for your needs to help plan for future needs while still maintaining your retirement goals.
Our Sound Money Approach
At Brown Financial Advisors, we embrace our role as an advocate for our clients, always acting with your best interest in mind.
While many financial services professionals focus on products, our experience shows your needs are best met by focusing on processes, strategies, and most importantly, people.
We understand it can be hard to put together a retirement strategy without being able to see the whole picture. Our Sound Money Strategies integrate all aspects of your financial plan in a coordinated effort to provide on-going clarity and multi-generational wealth.