Long Term Care

With all that has been said, written, and discussed about preparing for retirement, it might seem that there is very little remaining that still needs to be talked about.

To motivate people to save for retirement, I often quote statistics and recalled an article I came across more than a year ago in the Atlantic Monthly. In “What Happens When We All Live to 100?”, Gregg Easterbrook writes, “When the 20th century began, life expectancy at birth in America was 47 years; now newborns are expected to live 79 years.

But according to a new Spectrum study, the business model is still new to most investors. When asked to rate their familiarity with various investment terms on a scale of 0 to 100, where 0 is not at all familiar and 100 is very familiar, wealthy investors rated their knowledge of the term “robo-advisor” at just 15.47.

When we read the statistic that seven of ten older Americans will require long-term care most of us do not visualize ourselves in that group. Most of us believe we will be in the lucky minority that does not require assistance with the activities of daily living.

As many of our clients know I have retained Allen Hamm of Superior LTC Planning Services Inc. to assist our clients with planning for long term care. Our clients who have utilized this service have given us high marks about the service its benefits and the experiece of working with Allen. 

Long-term care insurance (LTC) pays for the things Medicare does not–assisted living in-home care adult daycare and nursing homes. One of the biggest trends in LTC insurance is group coverage sold through your employer an association you’re a member of or even through your bank or credit union.

A note from a client thanking me for providing a complimentary long-term care (LTC) insurance policy review prompted me to think how a LTC review would be useful for many others.