Today on the Thrive For[e]ward podcast we are diving into an in-depth conversation surrounding the costs of care. This includes long term care, extended care, the care you need beyond hospital and long-term disability. These are hard conversations to have as not everyone wants to talk about these things that are happening in our lives. We also know that this topic can feel overwhelming, and the goal of this episode is provide an overview and an introduction, knowing that there is so much more to explore and these decisions are very personal.
When I work with clients, and we start to do financial planning I always tell them that fluctuations in the market aren’t the biggest risk they have. The largest risk and expense they are going to have is the need for care.
How long will we need it?
What type of care will we need?
These are the questions you need to ask yourself as you plan for the future of long-term care.
Did you know that the cost of care increases 7% on an annual basis?
That is overwhelming but by asking yourself these questions you can plan accordingly and further protect yourself and your loved ones.
· What does that mean for me?
· What money will I have access to?
· How will I get my money out when I need it?
· How can I insure against this? How can I protect myself?
· What elements are available for me to plan around?
· What are the resources I need to plan for and when should I start planning?
· What am I not unable to plan for?
Take a listen to this episode as we get into the elements of why it is so important to start this planning process earlier. At some point in our lives, each one of us or someone we love is going to need this care in one way or another.
If you are younger, it may be easier to start having these conversations now with your financial planner or professional. Pre-planning is a gift and your ability to do that is key.
If you are feeling like this is a space you are overwhelmed with, then know we are here to help and come alongside you. We provide comprehensive financial planning, wealth management, and coaching to help you thrive now and in the future.
Schedule an appointment
Costs of Care and Long Term Care Resources:
· https://www.nia.nih.gov/health/paying-care
· https://www.seniorliving.org/nursing-homes/costs/
Securities offered through LPL Financial, a member of FINRA/SIPC. Advisory services offered through Advisors’ Pride, a SEC registered investment advisor. LPL Financial, Advisors’ Pride, Forethought Planning and the guests of Thrive For[e]ward podcast are separate and unaffiliated parties. Any of the parties listed above are not affiliated with Forethought Planning, Advisor’s Pride, or LPL Financial. The views expressed here are those of the participants, and not those of Forethought Planning, Advisor’s Pride, or LPL financial. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. LPL Financial and Forethought Planning do not offer legal services.
