How to Plan for Long-Term Care

Nov 18, 2015
Author: Scott Hanson

caring_for_aging_parentsThe whole topic of long-term care is not something most of us even like thinking about. That’s understandable. We all hope that we live a nice, long life, are wonderfully healthy through retirement, and then have a quick demise in our sleep. It can happen this way and I too would love this experience.

The unfortunate thing is, many of us are going to require long-term care as we get older. May it be dementia or some other issue, the reality is that some of us will require 24/7 care for months or even years.

I found that for many people, as they’re planning their finances and retirement, there’s lots of anxiety about this. That’s entirely understandable. Having some plan in place from a financial standpoint can definitely help ease some of that burden and some of those worries.

Some people alleviate worry (at least some worry) through long-term care insurance. Long-term care insurance can work beautifully, but, unfortunately, it’s getting very expensive and the benefits are fewer and fewer over time.

Often times, we find that families with ample assets and resources just haven’t really segregated or set them aside in their planning process. This is a bad thing, and can lead to a lot of heartache at a time when it’s least appreciated, and when your family, or you, are grieving and just trying to make it through the day.

Part of the thing we do at Hanson McClain is to try to anticipate what these income needs might be in the future, and how we can best help you meet those needs. Often times it’s just earmarking a certain amount of funds, setting aside X-number of dollars in case you need it in the future, or making sure that your insurance is neither more or less than you need. We found that going through this process and having the discussion, even when it’s difficult, helps put people’s minds at ease, and gives them a little more peace as they go through retirement. 


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