Long-term care facilities provide valuable assistance to the disabled and elderly. Often, residents find themselves in nursing homes because they have no one to care for them. Many others need this option because their family is unable to provide the level or type of care they require. Unfortunately, long-term care is expensive.
Long-term care costs leave many elderly adults no choice but to liquidate their property. Also, many nursing home residents think Medicare will cover the total cost of their needs, but it does not. Sadly, this leaves seniors no choice but to use their assets and life savings.
With long-term care insurance, you can prepare for your future care needs and protect your assets. The financial planning experts at Beacon Hill Financial can help you with every step of the process. Contact us today to arrange your free consultation.
Beacon Hill Financial specializes in helping those who are in poor health or have a loved one is in the nursing home today, we have proprietary tools that can be utilized in place of insurance coverage. Contact us today to learn more about our unique proprietary tools.
What is Long-term Care Planning?
Long term care planning covers long-term services and supports, including personal and custodial care in a variety of settings such as your home, a community organization, or other facility.
Long term care coverage cost are based on:
- Age when the coverage is purchased
- Maximum amount the coveragey will pay per day
- Maximum number of days that the coverage will pay
- Multiplying the maximum amount per day by the number of days determines the lifetime maximum amount the coverage will pay
- Any optional benefits chosen
If you are in poor health or already receiving long-term care services, you may not qualify for long-term care insurance. In some cases, you may be able to buy a limited amount of coverage, or coverage at a higher rate.
What is Covered Under Long-Term Care Planning Costs?
Policies may cover the following care arrangements:
- Nursing home– provides a full range of skilled health care, rehabilitation, personal care, and daily activities 24/7.
- Assisted living– residency in apartment-style units with personal care and other individualized services available when needed.
- Adult day care services– provides health, social, and other support services in a supervised setting for adults who need some degree of help during the day.
- Home care– agency or individual services for bathing, grooming, and help with chores and housework.
- Home modification– example: installing ramps or grab bars for accessibility.
Begin Planning for Long Term Care Now
Call the financial planning experts at Beacon Hill Financial at 866-289-0759 or fill out the online contact form to request your FREE long-term care consultation. We can help you plan for the future no matter your current stage of life or health condition. Contact us today.