How can we afford to pay $270K annually for care in 30 years?
Preparing For Tomorrow podcast
Release Date: 05/01/2024
Preparing For Tomorrow podcast
This week, I'm sharing updates on the four clients with LTC claims that we shared on February 22nd. I have been walking with these families as they prepare for and begin extensive caregiving needs for their moms and wives. I can't imagine how hard it would be to navigate the claims process without guidance from an LTC Specialist. Some phrases I've heard along this journey are: "Everything changes every day. The stuff I needed to help with yesterday is completely different than what she needs today." "She doesn't remember ANYTHING I tell her." "I'm so glad you're here to help me get this...
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This week, I enjoyed a great interview with Dr. Jay Zigmont with Childfree Wealth. Their website is I learned that 25% of U.S. adults don't have kids. That's a huge part of our population that is underserved in the retirement planning community. Many planners consider that with our without kids, your plans should be similar, and that's simply not accurate. When we dont have kids, we know we need to have a plan for long term care needs. Many parents presume their kids will take care of them, or they'll at least make sure they're taken care of. Childfree folks know...
info_outline How can we afford to pay $270K annually for care in 30 years?Preparing For Tomorrow podcast
We need to start planning now, 30 years before we think we'll need help living. It'a hard to believe that care could ever cost that much, but in 2001, when I started working in the LTC industry, nursing homes were $1000/month. People I spoke with thought that was so unfair. Use Genworth's Cost of Care report to view projected future costs here Be sure to input 5% inflation growth to budget accurately. Most of us would be happy if care for dementia or mobility concerns was only $1000/month. In 1990, home care costs were about $11/day. Getting old and needing help is not ever going...
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If we want to make sure we can stay home when long term care is needed, we need a plan. We need to afford the care we want. If costs of care continue to increase every year like they have been, this is not something most of us will self-fund without bankrupting ourselves or destroying family relationships. The first thing we need to do is admit that we'll probably need help living at some point. Bill Comfort with Certification for Long Term Care says, "If we don't die, wil live long lives. If we live long lives, we get old. And when we get old, we need help living." We need...
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In other words, why shoud I trust the insurance company? All insurance companies, and especially LTC companies are heavily regulated and watched closely by all 50 states. States monitor complaints to ensure compliance. Regulators work with the consumer and company to assist with payments. Often, regulators explain to consumers why a claim isn't being paid and advise the consumer what they need to do to complete the claim requirements. Listen and learn how may ways the Elimination Period is defined by different companies. It's no wonder we get confused and frustrated. All the...
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We live in an "I want it now" culture except when it comes to planning for extended care needs. Why do we feel the need to wait as long as we can to consider and design our LTC plans? Once someone learns that there is a need for LTC insurance in some form, it takes 5-7 years on average for that person to contact someone who can help them purchase coverage. I get that we don't want to plan for when something bad happens like we get dementia, have a stroke or need help getting through each day. But these things happen whether we are prepared for them or not. We will receive...
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This week, Diana wants to know what she needs to do to be sure she can live out the rest of her life in her owm home. I know we're all asking this question, because we want to stay home no matter what as well. That really depends on how much support and assistance we can rely on from our family. Do they live nearby? If they say they will help us, are they actually able to do so? If we own LTC insurance, how many hours of care will the benefits cover? If it's not enough for 24/7 care, how will the family be able to support us around the insurance paid hours? ...
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Employers are seeing their employees reducing hours or leaving work to care for parents, spouses and other family members. They're searching for strategies to help keep employees at work.. Group LTC plans are again becoming popular, and they look different than they did in yesteryear. Listen and learn what is available as an LTC worksite solution. If you own a business or you are an employee of a business and want your employer to consider group LTC, contact me for information Schedule 30 minutes with me to inquire
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In last week's episode, Diane shared a boatlod of questions we need ot be asking when planning for extended care needs (LTC needs). This week we cover the questions that can't be answered until that need invades our family. Although, we may not know what, when, where, or how long , we still need to plan early so we can be prepared for whatever happens. How can we do this? Listen, learn, and schedule a meeting to discuss planning alternatives. My calendar: Email me to receive a planning guide
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Long term care planning is about more than the insurance or funding for care. This week, Diane shares important questions we and our families need to be asking today. Regardless of where you will live, who do you want helping you? Do they know this? Are they able to do what you need? What do you want to have happen when extended care is needed? Where do you want to live? It's much easier to have these discussions today, while you're not in the middle of a crisis. Have the conversations now so your family and loved ones will have a blueprint of what you have and...
info_outlineWe need to start planning now, 30 years before we think we'll need help living.
It'a hard to believe that care could ever cost that much, but in 2001, when I started working in the LTC industry, nursing homes were $1000/month. People I spoke with thought that was so unfair.
Use Genworth's Cost of Care report to view projected future costs here https://www.genworth.com/aging-and-you/finances/cost-of-care Be sure to input 5% inflation growth to budget accurately.
Most of us would be happy if care for dementia or mobility concerns was only $1000/month.
In 1990, home care costs were about $11/day.
Getting old and needing help is not ever going to get less expensive, so we need a plan.
This week, I share the plan Maureen and I designed to create $250K annual LTC benefits in 30 years, when she is 80. She has enough income and assets to cover higher costs withoujt hurting herself or her family financially. Listen and learn about the plan she chose to protect her family and, even more importantly, her CHOICES.
Schedule with me to design your plan at https://calendly.com/diane-p4t/60min