10 Reasons to Talk to Your Financial Advisor about Long-Term Care Now

Depending on your age, the idea of long-term care may be the furthest thing from your mind or something that you think about frequently. Whichever camp you fall into, it’s crucial to speak to your financial advisor about long-term care planning to have a confident future. Don’t believe me? Here are 10 reasons why.

  1. It should be part of your retirement plan. In fact, 95% of advisors believe that clients should consider long-term care planning as part of their retirement strategy.
  1. Your loved ones are counting on you. 97% of Americans agree that families should discuss long-term care plans before they become necessary.
  1. 94% of advisors say that people wait too long to discuss plans and options, which can have significant consequences.
  1. Medicare and Medicaid don’t cover it. If you qualify, Medicare would potentially pay for a portion of skilled nursing costs for up to 100 days. That’s it. And Medicaid is only available to those with limited assets and income.
  1. You don’t want to foot this bill. 90% of advisors say that even clients who can self-insure should look into long-term care coverage as a way of providing tax-free financial leverage.
  1. It may cost more than you think. Americans vastly underestimate the potential costs of long-term care, which can amount to nearly twice as much as their initial estimate.
  1. Your spouse may not see it the same way you do. More than 50% of Americans say that having a spouse is their long-term care insurance, but more than half of spouses haven’t had that conversation.
  1. Your family needs a plan. 61% of sons and more than 50% of daughters say they don’t want to become their parents’ caregivers.
  1. Planning for professional help is smart. 72% of people worry that they wouldn’t be able to provide necessary care to a family member, even if they wanted to.
  1. Good health doesn’t mean you’re in the clear. 74% of people said that living a healthy lifestyle is the answer. Being healthy is wonderful, but it also means you may live longer with the health-related risks associated with aging.

The bottom line is that any plan you make for the future should include a plan for long-term care. Your financial advisor can be a great resource to figure out your plan, how much it will cost and how it can take the burden off your family.