The COVID pandemic has changed so much of our perspective on life but will it help drive people to pay more attention to the need for long-term care? At the onset of the pandemic in 2020, the last place you’d want to be is trapped in a nursing home, which is why we want to highlight this pillar of the planning process on this episode.
Laura Stover, RFC® and Michael Wallin, CFP® will try to answer those long-term care questions and help determine whether retirees need LTC policies coming out of the pandemic. If you want to understand just how under-prepared most Americans are, let’s start with a couple of stats we found from a recent survey. Only 16% of Americans even have a long-term care plan in place but more than 70% of people over the age of 65 will require a form of long-term care service at some point. Beyond that, fewer than half of the people surveyed had worked with a financial professional to address these needs.
Everyone has a different reason for not prioritizing this in the past, but many people don’t realize that long-term care has evolved and consumers now have a hybrid option that provides the care you need or will pay out in the event you don’t use it. Knowing what options are available might be the push you need to take that step towards getting your planning done. Ultimately, we want to make sure you have proper protection to provide the care and resources needed to get the best care possible without becoming a burden on your family, and our Redefining Wealth® will put together put a robust balance to help you see where the income will come from and how it will be covered.
Redefining Wealth® Custom Blueprint Income Plan: https://redefiningwealth.info/schedule/
Rate, Review and Subscribe to the Podcast:
How to Connect:
Schedule a Review: https://redefiningwealth.info/schedule/
Timestamps (show notes):
5:06 – Why are people underprepared in this area?
9:07 – Details on the modern LTC policies
16:10 – Putting a balance sheet together
18:56 – How legislation could change long-term care
25:40 – LTC can give you independence
Listen & Subscribe
Click the logos below.