Selecting The Right Facility for Your Long-Term Care
Making the right choice
Deciding whether or not to place a loved one within a long-term care facility can be a difficult choice for many. Even so, once that decision has been agreed upon, deciding which specific facility to place your loved one in can even more difficult! Chances are there are hundreds of facilities near you however, knowing which one will be the best fit for your loved one can seems cumbersome. There are many factors to consider such as services offered, price, proximity, and overall quality of the establishment. Knowing how to[…]
Let’s Talk Long-Term Care
What is long-term care
Long-term care refers to the health and/or personal care administered to assist an individual who can otherwise no longer fulfill these needs on his/her own. Some of these services may even extend to be as intricate as help with task completions such as grocery shopping, money management, house cleaning, and medication management. Although possible, the majority of long-term care is non medical and deals more so with daily living activities and everyday tasks. These ADL’s or activities of daily life are often categorized as follows:
- Bathing
- Dressing
- Toileting
- Transferring […]
What are my Chances of Needing Long-Term Care?
What are my chances of needing care?
If you are over the age of 65, your chances of needing some type of long term care services are relatively high, like 63% high. It is also important to note that, long term care differs from the type of care that would be typically covered by your healthcare insurance. For these types of services which your heath insurance policy will not cover, you have the option of long term care insurance. Your long term care insurance will extend to cover your specific level of[…]
Taxation & Long-Term Care
How to Pay
Deciding how to pay for your future long-term care is important. Some may opt for out of pocket funding, hybrid policies, or traditional long-term care insurance options however, it is best to understand the tax implications of each.
Out of Pocket
When covering your own long-term care needs from your out of pocket income, you would first pay taxes on that income at the time it was initially earned. Additionally, if you are using any sold assets to cover the cost of your long-term care you would have to[…]
When to Start Planning for your Long-Term Care
Unfortunately, some of us will begin to plan for the financials associated with long-term care, only once care is actually needed. What you may find in these instances is extreme sticker shock. What can you do to avoid this future occurrence? Plan for those costs now before care is actually needed! For some of you this may mean looking into and deciding to purchase a long-term care insurance plan to help cover these future costs.
Long-term care insurance will not work best for everyone however, it is a worthy option to consider[…]
Will I Need Long Term Care?
Inevitably, we will all age and thus, we will all likely begin to require some degree of help with daily activities as well. Some of us will not be afflicted by severe cognitive decline however, some of us will and ALL of our bodies will eventually start to weaken. Many of us like to think that we will never require any type of Long Term Care or that we can perhaps continue to push it off until absolutely necessary. The problem with this is, if you plan to live a long life, you will[…]
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Price comparisons customized to suit your specific needs from top carriers such as Nationwide, Thrivent, New York Life, National Guardian Life, Mutual of Omaha, and more.