Michelle Terry, a long-term care planner, has told us that major financial planning is quite the challenge for older Americans. In her words, Michelle says, “Long-Term Care Is Not A Place…It’s An Event!” The biggest challenge is managing the high costs associated with long-term care. For many seniors and their families, this is a complex and overwhelming topic to discuss and understand. Michelle provided answers to some of our questions.

What is long-term care? Long-term care is defined as a stay of 90 days or longer in a nursing home, convalescent care facility, or similar facility. Long-term care goes beyond medical care and nursing care to include all the assistance you could need if you ever have a chronic illness or disability that leaves you unable to care for yourself over an extended period of time.

What are some of the options of paying for care? Private pay. Long-Term Care insurance. Medi-Cal benefits. Veterans – Aid and Attendance benefits.

How do we plan to manage the high costs associated with long term care? There are many things to consider when planning for the future. It may be difficult to imagine you or your spouse entering a nursing home, but it can happen to anyone. The probability of someone needing skilled nursing facility care after age 65 is 40%. That’s almost one in two Americans. It doesn’t matter what your plan is, only that you have one. The best plan is meeting with a long term care planner before there is a crisis and discussing what are the best options. Customize a plan that meets your needs.

What if I do not want to go into a facility? There are certain types of investment vehicles that offer you the flexibility to pay for potential long-term care services, pay premiums for long-term care insurance, or possibly help you or your spouse qualify for Medi-Cal without spending down assets. Depending on your needs, the right investment policy can be created so you can get the care needed and still remain in your home.

Everyone wants to remain financially independent throughout his or her lifetime. Unfortunately, you cannot predict what kind of care you or your family members might need in the future or exactly what that care might cost. Without proper planning, the cost of long-term care services can easily wipe out an average person’s savings.

Preserve Your Assets. Protect Your Family.

For more information, please contact Michelle Terry at 707-548-9840.