Long Term Care refers to the need for assistance with one or more tasks of daily living – things like eating, dressing, toileting, bathing, taking medications, etc. – as the result of prolonged physical illness, disability, or cognitive impairment. Because this assistance may be needed throughout the day, 365 days a year over a period of years, the burden on family members and/or the cost for paid assistance is high. And these costs are not covered by Medicare or most medical insurance plans.
Understanding your options and choosing a strategy to cover the potential costs of long term care is a complex decision with many options, such as:
- A traditional Long Term Care Insurance policy
- Long Term Care coverage under a life insurance policy or annuity
- Long Term Care coverage limited to home care only (not in an assisted living or skilled care facility)
- Long Term Care provided through a Continuing Care Retirement Community
- Paying Long Term Care expenses out of pocket, through the sale of assets, or through a reverse mortgage
We believe managing this kind of risk is important to a client’s financial well-being, and therefore an important part of a comprehensive financial plan. Our Financial Advisors can help you understand your options and devise an appropriate strategy for dealing with your potential need for Long Term Care.
Learn more about Long Term Care risks and options.