Will I Need One of These for Disability and Long Term Care?

Most of us never expect to become disabled or incapacitated either from an illness, an accident or extended aging but the truth is it happens all too often to people from all economic walks of life.

The impact of disability and long term illness presents major challenges to a person’s quality of life, finances and the additional expenses needed for specialized care at home, care in assisted living or care in a nursing home.  If the illness or condition were to last long enough the ripple effect could threaten the financial viability of a spouse and children who may depend on an inheritance and will almost certainly reduce their quality of life

Long term or extended care costs over an extended period of years has the capacity to ruin the best thought out retirement plan. Medicare and Medicaid pay only for covered medical procedures and associated rehabilitation care. They do not pay for extended custodial care for. Unless a good plan is in place the family will be forced to pay for their loved one’s care out of pocket and will have severe consequences on the family assets and savings.

You may not think you will ever need such care but what if you are wrong? The chances are a loved one, spouse, disabled child, or parent will. There are no guarantees that you will not need care. But what you can do is create a plan that will help protect their well-being and that of your family.  A well thought out plan will preserve your loved one’s physical and emotional well being by allowing them to hire professionals to provide care and at the same time preserve your own retirement portfolio from being depleted by exposure to early liquidation, possible losses due to market conditions, increased taxes and early withdrawal penalties.

Once a plan is in place a source of funding is needed to pay for the plan. There are various tools that can fund this need and include extended care or long term care insurance, and when implemented correctly, will provide a reliable stream of income that pays for professional care whether at home, or in an assisted living facility or nursing home. Your loved one is receiving the quality care they need, your family can concern themselves with managing that care as opposed to doing it themselves and maintaining their own emotional well being. At the same time your portfolio remains in place to continue funding your lifestyle and financial promises to others, keeping your legacy objectives intact.

Don’t know where to start?  We would be happy to help you get a Smarter Advantage and implement a plan to secure your healthcare, long term care and wealthcare needs providing value and protection against asset depletion.

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