Long Term Care
Nestor Financial Network can assist you with the financial aspects of long-term care. We work closely with elder care attorneys in our area and view long-term care planning as an important part of our financial planning services. Whether it is planning for yourself or your parents, there are many considerations when it comes to planning care for a loved one.
Do you think long-term care insurance is too expensive?
Alternatives to "stand alone" long-term care (LTC) insurance policies do exist! We are very excited about new hybrid insurance products that have all the benefits of stand-alone policies and then some. If you have ever looked at LTC insurance and asked, "What if I never use it? I could be paying premiums for 20 years, and what if premiums increase when I am older?" Then a hybrid LTC plan is worth a look. LTC planning is important and, there are several options. It is better to have a plan and no insurance than to have no plan at all!
Have you and your family discussed LTC?
Many people believe that an LTC event will not happen to them.
You may be in good health, active, and not old enough to think about planning for a potential LTC event. But have you thought about what an LTC event could do to your family and your finances?
Individuals are living longer . . . but we are not necessarily living these years in the best of health. Although medical advances have helped increase life expectancy, we still must face the realities of aging. One of these realities is the need for assistance with daily activities.
Consider a few facts about LTC:
- LTC refers to the assistance required when a person is unable to perform activities of daily living due to illness, accident, cognitive problems, or the frailties of old age. This custodial care includes needing help with bathing, dressing, eating, toileting, continence, and transferring.
- Medicare doesn't cover most LTC expenses.
- Medicaid only covers nursing-home care once a person has depleted his or her own assets to poverty levels.
- The nationwide average cost for a private room in an assisted living facility is $3,450 per month.*
- The nationwide average cost for a private room in a nursing home is more than $84,000 per year.*
- Care at home can range from $30,000 to more than $100,000 per year, depending on the geographic location and the level of care needed.
- Actual cost of care will vary in each state. View the most recent cost of care in your state.
The best time to talk about a crisis is before it happens. That's why we encourage you to have a conversation about LTC with your family today. As you discuss these important issues, please remember that we can provide you with information about LTC planning and review your financial plan to ensure that you're prepared for the life changes we all face.
**According to the Genworth 2014 Cost of Care Survey
Fixed insurance products and services offered through CES Insurance Agency