Long-Term Care Awareness
It’s that time of year again and not only are the holidays quickly approaching, but November is Long-Term Care Awareness Month. And if you are like most of us, it is not even on your calendar. Obviously, Long-Term Care is not one those subjects that gets discussed much. So let’s take a moment to increase your awareness on Long-Term Care.
According to the LongTermCare.gov website, 70% of people turning age 65 can expect to use some form of long-term care during their lives. This is based on number of factors including:
1) Age - The older you are, the more likely you will need long-term care
2) Gender - Women outlive men by about five years on average, so they are more likely to live at home alone when they are older
3) Disability - Having an accident or chronic illness
4) Health Status - Chronic conditions such as diabetes and high blood pressure along with a family history of chronic conditions, may increase your likelihood. Poor diet and exercise habits also increase your chances of needing long-term care
5) Living Arrangements - If you live alone, you’re more likely to need paid care
If you review the Genworth 2016 Cost of Care Survey, conducted by CareScout® in April 2016 you find the National Median monthly costs for assisted living is $3,813 per month and nursing home care for a private room is $7,698 per month. So you must ask yourself the question, what is the cost going to be in the future when you might need it?
Here are some important reasons to do Long-Term Care planning.
1) If you get sick and need help, who do you think will bear the burden? If you're married, you could turn your spouse's life upside down and go from an easy retirement into a dreary existence.
2) If you're single, who will bear the burden? If it is your children they will feel obligated to help you and try to fit in assisting you into their already over-worked schedule. Or they will probably resent it (although they would never say so.) You may end up depleting your assets - money that would have otherwise gone to your children. Therefore, it's important to realize that a major reason to do long-term care planning is to protect your family.
3) Another reason is to preserve your independence. Do you want your children helping you brush your teeth? Do you want family members deciding how to spend your assets for your care? Proper planning may provide a separate pot of money that can be used for your quality care. This may help you keep your independence.
Whatever you decide to do, remember…November is Long-Term Care Awareness Month.
The Smith Group | www.tsgwealth.com
Brandon Williams is an Investment Advisor Representative (IAR) with Prosperity Capital Advisors, a Registered Investment Advisory Firm.
Financial Planning and Investment Advisory services are offered through C2P Capital Advisory Groups LLC D/B/A Prosperity Capital Advisors (PCA) an SEC registered investment adviser with its principal place of business in the State of Ohio. Brandon Williams is registered as an Investment Advisor Representative of PCA in the state of South Carolina. For more information regarding PCA, please visit www.adviserinfo.sec.gov. PCA does not provide tax or legal advice.