
The Financial Risks of Long-Term Care
Retirement Planning Finances and Planning for WomenAs 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
Mike has been a financial advisor for over twenty years. He has helped many clients with their financial planning and wealth management needs. |
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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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Remember, it doesn't cost you anything to have a conversation. You can also email us at info@cfswv.comOr call us at (800) 422-4644Our 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...
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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 |
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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.