The Financial Risks of Long-Term Care

As you approach retirement, the financial risks of long-term care costs become a greater concern. Potential out-of-pocket costs can surprise many. Locally, a nursing home stay can cost between $6,000 and $8,000 per month. Full-time in-home care can exceed $10,000 per month. A prolonged stay can create a lot of financial stress.

In this episode of Wealth Wednesday:

0:00 - Introduction
0:26 – Long-term care statistics.
2:12 – How concerned are clients?
2:38 – The basics and potential cost of Traditional long Term Care Insurance
6:43 - Key factors in your purchase decision.
8:27 – Linked Benefit policies and their cost.
9:45 – Who should be considering this type of insurance coverage
11:23 – Sticker Shock
12:30 – Alternatives if coverage is too expensive.
13:35 – A Growing Concern
14:29 – Wrap up

Watch Now: The Financial Risks of Long Term Care

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Appearing In This Video

Michael Seese, CFP®

Mike has been a financial advisor for over twenty years. He has helped many clients with their financial planning and wealth management needs.

Andy Dollman

Andy began his career as a financial advisor in 2018. He is located in our Parkersburg, West Virginia office.

Neal Watson, CFP®

Neal’s career as a financial advisor began in 1996. He is located in Marietta, Ohio.

Learn more about our team of 9 financial advisors who specialize in retirement planning and wealth management. We have 6 locations in Ohio and West Virginia.

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Our team has over 130 years of combined experience helping people just like you plan for retirement. We have offices in Parkersburg and Wheeling, West Virginia. We also have offices in Athens, Marietta, St. Clairsville, and Woodsfield, Ohio.

Useful Statistics About The Financial Risk of Long Term Care...

Will you need some type of long-term care?

For most of us, the answer is yes. We will need some type of assistance during our lifetimes. For many of us, the care may not require a large expense. Fewer than half require any out-of-pocket expenses for their care.
Source: Morningstar

What Will it Cost?

According to Morningstar, nearly three-fourths of us will spend less than $50,000 for long-term care expenses. That makes the decision to purchase long-term care insurance difficult. But, for those who require a significant amount of help, the costs can be staggering! Source: Morningstar

The Potential Cost of Long Term Care Insurance

Long-term care insurance is expensive. It may cause a little "sticker shock." Below are the indexed costs of coverage in 2021 (provided by the American Association of Long-Term Care Insurers)

Your age, health, and other features--like the Cost of Living Adjustment impact the price. Because women are more likely to need care (and need it for longer) than men, their premiums are generally higher.