The Looming Long Term Care Crisis
10 Jun 2015
As advisors, we counsel clients on the best ways, according to a written plan, to save for retirement. However, living another forty years in retirement generates additional planning issues relating to the rising cost of Long Term Care. Let’s face it–you know someone or have a family member who is receiving care at home, living in an assisted living facility, living in a nursing home, or living in a specialized care center for Alzheimer’s or senility. You know first-hand how quickly you can go through a life’s work of saving at $4000-$8000 each month for Long Term Care.
So, what do you do? First, have a personal plan for addressing the risk of paying for long term care expenses. Your plan may include a traditional Long Term Care insurance plan, a Life Insurance policy with a Long Term Care rider or an annuity with a Long Term Care rider. Second, communicate your Long Term Care plan with your family. Third, investigate the LTC insurance plans recognizing your age, current health situation, and your financial ability to pay premiums for traditional Long Term Care insurance. And fourth, consider insuring what we call the “gap” or the difference between available monthly income sources and the potential monthly cost for long term care.
We have a new “Long Term Care’ booklet which covers these items in more detail. Please contact our office for your free copy and schedule an appointment with us to help evaluate your personal Long Term Care plan. You and your family will be glad you did!
Gary Speicher, CLU, ChFC
Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a Broker/Dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Cambridge and Premier Investments of Iowa are not affiliated.