The Looming Long Term Care Crisis

Stressed Senior Couple Calculating Budget
10 Jun 2015

long-term_careAs 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.


Jeffrey Johnston

Jeffrey is originally from Solon, Iowa. He currently resides in Swisher, Iowa with his wife, Prudence, and his three children, Seth, Ian, and Roman. He graduated from the University of Northern Iowa in 1989, where he majored in Finance and Investments. He has 24 years of experience in the investment and estate planning business. He is currently the President of “Premier Investments of Iowa, Inc.” Jeffrey’s main focus is Estate and Investment Planning for Senior Citizens and Pre Retirees. Jeffrey became a Chartered Financial Consultant (ChFC) in 2001. He is the author of many articles on industry related topics and he is a frequent seminar presenter. He is a Board Member TRIAD Linn County Seniors Against Crime, and he is also a past Board Member of the Heritage Area Agency on Aging Task Force. He is a member of CEO Roundtable in Cedar Rapids, a Daybreak Rotary Member, and a member of the Cedar Rapids Estate Planning Council. In March of 2009, Jeffrey became the host of the Premier Investments of Iowa Financial Hour which airs every Tuesday Evening from 6PM -7PM, on WMT 600 AM Radio. In his free time he enjoys golf, fishing, scuba diving, traveling, and coaching son’s basketball teams.