Long Term Care
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Timing is crucial when it comes to long-term care planning. While it's never too late to initiate the process, if you are currently in good health, cost becomes a primary consideration. Nevertheless, we advocate for commencing long-term care planning in your 40s and 50s as this early start is pivotal. Waiting until say your 60s alters the cost dynamics significantly.
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Medicare and most health insurance, including Medicare Supplement Insurance (Medigap), don't pay for long-term care. This type of care (also called "custodial care" or "long-term services and supports") includes medical and non-medical care for people who have a chronic illness or disability.
Medicaid on the other hand is a needs-based healthcare program for persons of all ages, covers the cost of long-term care for seniors and individuals with disabilities who meet their state’s eligibility requirements. There are several Medicaid programs from which one can receive this type of care.
source: medicaidplanningassistance.org
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Determining the appropriate type of long-term care requires a personalized assessment based on individual circumstances. We specialize in guiding clients through comprehensive long-term care planning. We consider factors such as health, lifestyle, and financial goals to recommend a tailored strategy. Whether it's home healthcare, assisted living, or nursing home care, we analyze the specific needs of our clients and design a plan that aligns with their preferences and financial capabilities. Our goal is to ensure that individuals have a well-rounded long-term care strategy that provides both financial security and peace of mind.
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Long-term care insurance is designed to cover a range of services that may be needed when individuals face extended periods of illness or disability. Typically, these policies encompass expenses associated with nursing home care, assisted living facilities, home healthcare, and adult day care services. They may also include coverage for skilled nursing care, rehabilitation, and therapy services. Additionally, some policies offer benefits for informal care provided by family members or friends. The specifics of coverage can vary, so it's crucial to work with us to tailor a long-term care insurance plan that aligns with your unique needs and preferences, ensuring comprehensive protection for your future.
Long-term care is essentially laying out a roadmap before it turns into an actual solution. It's about figuring out what steps to take if you or someone you care about faces a serious illness or injury requiring extended care. Once you've got that plan in place, you can then explore the best way to ensure you're covered. It's like putting together a thoughtful strategy to navigate life's unexpected challenges and making sure you're prepared for whatever unfolds.
FOCUS AREAS
✔ Disability Insurance
✔ Consider if you qualify for Medicaid.
✔ Determine the type of care needed.
✔ Establish a power of attorney and healthcare proxy.
✔ Caregiver Support
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