As insurance professionals, we are in the habit of assessing the risks our clients and their families face. Long-term care expenses are a significant risk to financial security in retirement. That is why answering these three questions is the key to unlocking your plan for long-term care.

Where?

If your loved one needs care, where does he/she want to receive it? At home? A family member’s home? Assisted living community? Nursing home?

Who?

Who do your loved ones want to care for them? If the ideal person is a family member, is that person willing and able to fulfill the caregiver role? If not, what is the next best option? Care at home provided by a paid caregiver? Adult day care? Trained staff at a caregiving facility like assisted living or nursing home?

How?

This question is not for the faint of heart, but essential to following your loved ones wishes. How will care be paid for? A popular misconception is that Medicare will cover long-term care. While it does cover some costs for about 100 days, it should not be considered a funding source for long-term care. Typically there are just three ways people pay for long-term care: self-fund, private insurance or qualify for Medicaid.

When you have your answers, we are here to help you put a plan in place! Contact us today to get started.