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 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.
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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.
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.