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Female financial advisor talking to elderly couple about funeral trust policies

Long-Term Care Planning Month

October is Long-Term Care Planning Month, a time to raise awareness about the importance of planning for long-term care needs. As life expectancy rates continue to rise with advancements in medicine and technology, long-term care costs have also risen to unprecedented levels. Planning ahead is vital to protecting assets, maintaining independence and dignity, and ensuring peace of mind for loved ones.

The cost of care is one of the most pressing concerns in the United States today. It is estimated that a couple just entering retirement will need $315,000 after taxes to afford long-term care expenses. Additionally, 2021 data from Genworth estimates that the annual median cost of a nursing home facility is $108,405.

In-home care, community and assisted living, nursing home facilities, and other services that are likely not covered by insurance or Medicare pose a significant financial burden. These steep, sometimes sudden, medical costs can be overwhelming for families who have not planned for long-term care.

Planning for long-term care needs is important for several reasons. First, it helps protect assets from long-term care costs – transferring risk to insurance companies instead. Second, it can help maintain independence and dignity, allowing someone to choose the type of care that they want and where they want to receive it. Third, it can provide peace of mind for families, knowing that they are prepared for the future.

As an organization that specializes in long-term care pre-planning strategies, we come together to recognize Long-Term Care Planning Month. Even if you’re perfectly healthy now, it’s never too early to start planning. We’re here to put safeguards in place so you can enjoy the life you’ve earned, instead of worrying about whether you can afford it.

 Contact us today to schedule your free consultation.

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