In 2017, a Presidential Proclamation so appropriately proclaimed:
Every day, compassionate Americans devote time, energy, and resources to ensure that family members who are disabled, elderly, chronically ill, or injured can remain in the stability and comfort of familiar surroundings. During National Family Caregivers Month, we honor those whose extraordinary selflessness provides others with independence and comfort.”
I am honored to join in the support and recognition of “Family Caregivers” because I know firsthand, just how generous and hardworking these family members are. It’s very difficult dealing with the emotional and physiological stress of wanting to assure that your loved ones can live as long as possible with independence and comfort.
Unfortunately, when you calculate the cost of that effort, the road to redemption becomes almost unnegotiable and renders many well-meaning, hardworking families with untenable challenges. In many cases, the life savings of these extraordinary selfless individuals become subject to unthinkable consequences as a result.
Most of my clients are Baby Boomers and we attempt to navigate these roads in advance. As they plan for and live during their rewarding years of retirement, I counsel all to be equally concerned with their own long-term care plans.
In the beginning, the Long-Term Care (LTC) insurance industry underestimated the cost they were forced to payout in coverage. It resulted in predictably high and erratic premiums. Now, with better industry data, cost have stabilized and finding a plan that fits your needs is more attainable.
The sad truth is, as with all health insurance, the younger you are, and the better health you have, the better insurance options available. The trick is…get in now! Coverage is improving and the cost is likely to increase with age.
For your convenience, below is a link to “AARP’s Long Term Care Calculator”. Get a sense of cost for the coverage you or your loved ones would need while insuring no one exhausts more of their finances than necessary.
Don’t wait to explore your options. Contact your financial planner today. Tell them;
It’s your life…plan for it.
Eric D Bailey
Founder, Bailey Wealth Advisors
Click the link below to take you to AARP's Long Term Care Calculator website.
Eric Bailey is a registered representative of Lincoln Financial Advisors.
Securities and advisory services offered through Lincoln Financial Advisors Corp., a broker/dealer (Member SIPC) and registered investment advisor. Insurance offered through Lincoln affiliates and other fine companies. Bailey Wealth Advisors is not an affiliate of Lincoln Financial Advisors. CRN-2298341-103018