What potential future event terrifies most individuals and couples?
(1) Being diagnosed with Alzheimer’s and how it would affect the healthier spouse and family
(2) What it could cost to pay for it?
It is a very difficult situation for all of those involved, especially those designated as caregivers.
Our mission at LTC Planning Concepts is to provide financial and concierge direction for those who could be in need in the future.
This applies to the elderly themselves, as well as to their children. As a child, should you consider how this would be handled in your own family, before a parent needs this type of care?
Every individual or couple needs to consider several very important questions:
#1 What assets would you use to pay for an extended long-term care event such as Alzheimer’s? (the average is 8 years, but claims have reached 15 years or more)
#2 Who would provide the care needed? If it’s a spouse or family member, how would this impact them financially, physically, and emotionally? How would you feel about this burden?
#3 Where would you like this care to occur, in-the-home or in a facility?
Have you discussed these questions yourself? Here’s the problem:
- 70% of seniors will have a medical event that will require long-term care.
- 70% of those will be women, requiring care for an average of 3.8 years.
- Some of them unfortunately will require care for over 10 years, particularly with a dementia or Alzheimer’s diagnosis. (33% of those age 65 and over will be diagnosed with it)
- Most individuals and couples don’t want to discuss this possibility and therefore haven’t planned for this financially or emotionally.
- Many of these patients will require care in a nursing home costing $70,000-$100,000/yr. for a decent facility.
- In some situations, both spouses will require some form of care.
LTC Planning Concepts would like to discuss these issues with you in person or on an online call and then offer some solutions for you that we believe you will find meaningful.
To gather additional information on how to use an existing annuity to pay for unlimited lifetime benefits for both spouses without paying taxes, please view the other tab above on this site.
To learn about re-positioning and re-purposing some of your assets to pay for extended long-term care and why it is so important, please visit www.careincomeplanning.com for more information.
To view an excellent video presentation by my partner Michelle Prather called “The Great Income Gap.” please visit www.careincomeplanning.com/affluentfamilies and an additional video at www.careincomeplanning.com/women discussing the burden of becoming a caregiver for women. You will enjoy them.
Make sure you and your family have a plan.
We enable you or a loved-one to obtain the type of care you desire, in the type of facility you would want. Shouldn’t you learn about these solutions yourself?
Schedule some time to discuss it. Click the link below!
Schedule Your Onlline Discussion Appointment NOW!
- Nick Chambers
- nick@ltcplanningconcepts.com
- 931-329-4860