Hello again and thank you for reading.
Every month, I am receiving inquiries from people who are concerned with how they, or their loved ones, can prepare, financially, should they require Long Term Care services. This is becoming a popular issue, so allow me to address a few things to get the discussion going.
For those of you who may have worked with me on long term financial protection and growth strategies, you are on your way to having tax free access to cash in retirement that can be used for any reason including Long Term Care expenses. For those who are closer to retirement, and for clients with parents in retirement, there are some new and very useful tools that might interest you. In this letter, I am going to address the issue in broad terms and I’ll get in to solutions in future newsletters.
First, let’s note that Long Term Care expenses may be the largest unfunded liability for many Americans who will need care. And, because people are living longer, there is a high probability that they will incur an LTC expense once they turn 65.
For those of you who have experience with a loved one, who has required long term care services, the issue hits home. You understand the impact emotionally and financially. Whether you have experienced an LTC event or not, here are the questions that need to be asked:
- If you did need Long Term Care, who would provide your care?
- What would the impact be to the care provider?
- If your care provider were to be a spouse, child or other family member, would you prefer that person to be your actual Care Provider or your Care Supervisor?
- If you had to withdraw $5,000 – $7,000 a month to pay for a long term care expense, how would you pay for it?
This is a serious planning issue. It is very important to identify the potential exposure including the devastating consequences for you and your loved ones should you not be adequately prepared. In the next issue, I will begin to address strategies for dealing with this issue, but please feel free to call me at any time if you have questions.
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Concierge was created to help people to reflect upon what is important to them and then to acquire an understanding of how to make appropriate decisions about the use of financial strategies and products. By listening and educating, we know that our clients are comfortable with the solutions we arrive at together.
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Call to have a conversation.
I’d like to invite you to call me at any time to have a conversation or to get answers to questions you have been meaning to ask.
Steve Levy
Direct Line: 914-214-5757
email: steve.levy@conciergeinsure.com
web: www.conciergeinsure.com
Concierge works with individuals, families, businesses, financial advisors and other insurance agents to meet the needs of clients from all walks of life.