Long Term Care – it's a family affair.

By Ken Arvidson, MSFS, CLU

April 9, 2015

Unfortunately, too many families have no plan in place.  When the conversation does come up it often takes place at the 11th hour when options are very limited. The results of postponing the conversation can have a huge impact on the family, particularly on the women because they are most likely to be caregivers. The spouse, the daughter, the daughter-in-law.

Financially, emotionally and physically draining for all.

The stress of caregiving may affect their own health as well. Financially, it is estimated the average financial loss will be $600,000 in lost wages, social security, reduced retirement benefits, or completely sacrificing a career.

  • Did you know health care does not cover LTC expenses?
  • Medicare only covers the first 100 days, only after a 3 day stay in the hospital
  • Do you assume your adult children will take care of you? Are they aware of this intention?
  • Dissention may occur when care falls upon one sibling. Financially what is fair in splitting expenses if the money runs out?

Help with determining options.

Difficult questions for sure and understandable why the conversation is avoided. 4Wealth® Insurance Group can help in determining options and preparing your family for the future, most likely saving thousands of dollars and avoiding dissention, we can:

  • Evaluate repositioning assets
  • Check for appropriate ownership and beneficiary titling
  • Determine whether using existing life insurance policies can help provide Long Term Care benefits
  • Acquire new insurance for varied coverages
  • Consider gifting strategies

Please, don’t wait until the 11th hour when you have little or no choices.

Email Ken if you need guidance.

This article was featured in 4SIGHT. Sign up free to receive 4SIGHT, our monthly newsletter of helpful financial articles, tips, events, and monthly IRS deadlines. 



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