What is Long-Term Care?

Long-term care is the assistance or supervision that you may need when you're unable to perform normal activities of daily living (ADLs) such as bathing, dressing, toileting, etc. A person suffering from a severe cognitive impairment (dementia, Alzheimer's disease) almost always requires assistance and supervision.

Most people erroneously think of nursing homes when they hear long-term care. Although nursing home care may be necessary in the final stages of aging, more than 80% of people who need long-term care are cared for at home. Therefore, most insurance policies cover all levels of care such as Home Health and Professional Care services, Nurse and Therapist services, Residential Care facilities, Assisted Living Care facilities, Adult Day Care facilities and Nursing Home care. 

Should Long-Term Care Be Part of Your Financial Planning?

It all depends. Generally, two categories of people do not need Long-Term Care planning, people who  are wealthy enough to self-insure and those with few assets to protect. For most of us, however, protection against the costs of long-term care is a must. 

Planning does not necessarily mean purchasing long-term care insurance. To the financial planners at Moneyline Wealth Management, it means having a solid plan in place should one of our clients need long-term care. 

Based on AARP research, one of the most important objectives of seniors over age 65 is independence and self-sufficiency. Nobody wants to be a burden. Long-term care planning is not only for the person who needs care, but also to help ease stress and eliminate financial worries for family members.  

What is the Cost of Long-Term Care?

Geography plus the type and amount of coverage you seek play major roles in predicting costs. Obviously, medical care in a metropolitan area such as New York or Los Angeles will be higher than in smaller cities such as Georgetown, Kentucky. We generally plan from $50,000 to $125,000 a year based on a variety of determined during the planning process. 

Why Moneyline Wealth Management?

Our firm has been involved in Long Term Care Planning for over 20 years. We have held hundreds of educational seminars for individuals and employees of different companies about the importance of long-term care planning. If through our analysis it's determined that long-term care is the best solution for you, we have access to all of the major insurance companies that offer coverage.

We will be happy to perform the comparison shopping for you. In most cases, when we have completed that comparison, you can be certain that you have the best coverage for the most reasonable price.