I watched my brother go through his savings while fighting and ultimately succumbing to a chronic illness and the long-term effects this lengthy illness had on his family. I saw the physical and mental toll LTC took on my other brother who cared for his wife over many years, at home, until she passed. I experienced it first-hand with my father…
Read about Scott Bresky’s passion for long term care and why he holds a professional degree in the field of long-term care, Certified in Long-Term Care.
Read Scott's StoryWHAT LONG-TERM CARE REALLY IS AND WHEN IT IS NEEDED
In your retirement years, what could cause your expenses to outweigh your income?
Think about your current income right now. One day you call your advisor to say you need to begin taking out an additional 50-70% more income from your retirement savings every year in addition to the money you’re already using.
What can cause this to happen? A Long-Term Care need.
You have now entered the great retirement income gap.
Our objective at AWG Long-Term Care Advisors is to help prepare you now for this potential situation.
Let’s start at the beginning…
Most people think long-term coverage begins with a nursing home or similar facility. This is a common mis-perception.
Long-term care is actually comprised of the following services:
Most long-term care needs are not related to medical care aid, but rather assistance with the Activities of Daily Living (ADL). It is important to remember that long-term care is typically needed when someone is unable to perform at least two of the six ADL:
So, how do you plan for Long-Term Care?
LEARN ABOUT YOUR OPTIONS AND MAKE THE BEST DECISIONS
It is all about the consequences.
You have likely seen the statistics talking about the risk of needing long-term care as you age. And like most, you told yourself, “it will never happen to me”. Well, you may be right. But what if you’re not?
Rather than focus on the risk of an event happening to you, take a moment to consider the consequences that providing care over an extended period of years would have on the emotional, physical, and financial well-being of those you have promised to take care of.
“Long term care doesn’t happen to you. It happens to the people you love”.
The reality is that long-term care is not a place, but a full-scale response to an event or condition. It describes the care you need if you become incapacitated, either physically or cognitively, due to a degenerative disease or incident.
Without a long-term care plan, your spouse or children would have little choice but to set their own lives aside in order to care for you, whether that was your wish or not.
“Providing care doesn’t bring families closer together, it often tears them apart”.
A long-term care plan has two goals: to preserve your family members emotional and physical well-being, by allowing them to hire professionals to provide care, and to preserve your retirement portfolio.
The objective of a plan is to provide a stream of income that pays for professionals to help keep you at home and/or in residential alternatives such as assisted living facilities or nursing homes.
This will allow your family to supervise rather than provide care, helping to protect their emotional and physical well-being.
It will allow your retirement income to continue funding your lifestyle, allowing you to help keep your financial promise.
And finally, it helps you preserve the financial viability of a surviving spouse or children who may need an inheritance.
“Planning mitigates consequences”.
TRUST OUR PROFESSIONAL GUIDANCE TO EVALUATE YOUR SITUATION
There is no one right plan. Your age, health, occupation, income, and tax status are all factors in identifying which funding source might be the most appropriate.
Long-term care requires custodian care and with few exceptions and limitations, years of extended care.
KNOW YOUR OPTIONS
There are many misconceptions surrounding how long-term care expenses can be covered. One important step in creating a plan is to know what your funding options really are.
HERE IS WHERE AWG LONG-TERM CARE ADVISORS CAN HELP
ALLOW US TO SHOW YOU WHAT WE CAN DO FOR YOU
What is clear is that professional guidance is needed to wade through each person or family’s situation. While the topic may seem complex and overwhelming, it is important to work with a firm that can draw on its years of experience and associations with other vital colleagues to guide you through the process
What is at stake… your care and that of your family.
“Aging might be out of your control, but planning for it is not”.
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