Skip to main content

Logo

  • Home
  • About 
    • Our Firm
    • What Makes Us Different
    • Meet The Team
    • In The News
  • Services 
    • Annuities
    • Retirement Income Strategies
    • Wealth Management
    • IRA & 401k Rollovers
    • Social Security Maximization Strategies
    • Insurance
    • Comprehensive Life Planning
    • Legacy Planning
    • Risk Management
  • Events
  • Resources 
    • COVID-19 Resources
    • FREE Retirement Guide
    • FREE Financial Newsletter
    • FREE Reports
    • Useful Websites
    • Financial Calculators
  • Blog
  • Contact

Understanding Long-Term Care The important question: Are you prepared?

    You are here

  1. Home
  2. Blogs
  3. Understanding Long-Term Care The important question: Are you prepared?

Understanding Long-Term Care The important question: Are you prepared?

Submitted by Parker Financial Group on January 2nd, 2020

 

Understanding Long-Term Care The important question: Are you prepared?

Provided by Madison Parker

Addressing the potential threat of long-term care expenses may be one of the biggest financial challenges for individuals who are developing a retirement strategy.

The U.S. Department of Health and Human Services estimates that 69% of people over age 65 can expect to need extended care services at some point in their lives. So, understanding the various types of long-term care services – and what those services may cost – is critical as you consider your retirement approach.1

What Is Long-Term Care? Long-term care is not a single activity. It refers to a variety of medical and non-medical services needed by those who have a chronic illness or disability that is most commonly associated with aging.

Long-term care can include everything from assistance with activities of daily living – help dressing, bathing, using the bathroom, or even driving to the store – to more intensive therapeutic and medical care requiring the services of skilled medical personnel.

Long-term care may be provided at home, at a community center, in an assisted living facility, or in a skilled nursing home. And long-term care is not exclusively for the elderly; it is possible to need long-term care at any age.

How Much Does Long-Term Care Cost? Long-term care costs vary state by state and region by region. The national average for care in a skilled care facility (semi-private in a nursing home) is $85,775 a year. The national average for care in an assisted living center is $45,000 a year. Home health aides cost a median $18,200 per year, but that rate may increase when a licensed nurse is required.

Individuals who would rather not burden their family and friends have two main options for covering the cost of long-term care: they can choose to self-insure or they can purchase long-term care insurance.

Many self-insure by default – simply because they haven’t made other arrangements. Those who self-insure may depend on personal savings and investments to fund any long-term care needs. The other approach is to consider purchasing long-term care insurance, which can cover all levels of care, from skilled care to custodial care to in-home assistance.

When it comes to addressing your long-term care needs, many look to select a strategy that may help them protect assets, preserve dignity, and maintain independence. If those concepts are important to you, consider your approach for long-term care.

 

Maddie Parker may be reached at (913) 661-9492 or info@pfgkc.com

www.pfgkc.com

This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note - investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.

Madison Parker is an investment advisor representative of, and advisory services are offered through USA Financial Securities.  A Registered Investment Advisor located at 6020 E. Fulton St., Ada, MI  49301. Parker Financial Group is not affiliated with USA Financial Securities.  Madison Parker is authorized to transact investment advisory services only in states where she is properly registered.  For investment advisory services these states include: KS, MO, WI.  Additionally, clients who are not residents of these states cannot be serviced.

Citations. 
1 - fool.com/retirement/2018/09/02/5-long-term-care-stats-that-will-blow-you-away.aspx [9/2/18] 

Recent Blog Posts

  • Building a Healthy Financial Foundation
  • Speed Bumps & Headlines
  • End-of-the-Year Money Moves

Archived Blog

  • September 2019 (1)
  • August 2019 (1)
  • July 2019 (1)
  • June 2019 (2)
  • May 2019 (1)
  • April 2019 (1)
  • March 2019 (1)
  • February 2019 (1)
  • January 2019 (1)
  • ‹‹
  • 2 of 2
  •  

Categories

  • deductions (1)
  • extended care, eldercare, Medicare, skilled nursing, Medicaid (1)
  • Financial Professional (1)
  • financial strategy (1)
  • gifting (1)
  • Investing (2)
  • Legacy Planning (1)
  • Life Insurance, Legacy Planning, Wellness (1)
  • medical (1)
  • Medicare (1)
  • New job (1)
  • Planning (1)
  • retire, retiring, retiree, retirees, retirement, tax, taxes, taxation, tax-free, taxfree (1)
  • retirement plan contributions (1)
  • Roth IRAs, IRAs Retirement Income (1)
  • Social Security (1)
  • taxes (1)
  • Trust (1)
  • Trusted Contact (1)
  • Wealth Management (1)
  • Wellness (1)
  • Women+ Retirement+ Secure Act+ Cares Act+ (1)

Contact Us

Don't hesitate to get in touch with us.
We would love the opportunity to become your trusted advisor.

Get to know us

Phone: 913-661-9492
Fax: 913-754-1919

Email: info@pfgkc.com

Building 9 in Corporate Woods, 9200 Indian Creek Parkway, Suite 180, Overland Park, Kansas 66210

Get Directions

Quick Message

Rodger Parker is a registered non-solicitor of, and Madison Parker investment advisor representative of, and advisory services are offered through USA Financial Securities Corp. A Registered Investment Advisor located at 6020 E Fulton St., Ada, MI 49301. Parker Financial Group is not affiliated with USA Financial Securities. 

Madison Parker is authorized to transact investment advisor services only in states where she is properly registered. For investment advisory services these states include: Madison - AZ;CT;KS;MO;NM;OR;TX;WI.. Additionally, clients who are not residents of these states cannot be serviced.

This website is not intended to provide investment, legal, or tax advice, no to effect securities transactions or to render personal advice for compensation.

© 2021 Parker Financial Group. All rights reserved.

Website Design For Financial Services Professionals