Long-Term Care in Your Financial Plan
A major risk to all financial plans is a long-term care health event. The astronomical costs of nursing home, assisted living, and in-home care can very quickly eat into retirement savings. That’s why we review the risks of long-term care and mitigation options with clients.
PFA invited an expert, Ray Veroneau, Jr., CLTC, to a recent Advisor Huddle, to discuss long-term care and one mitigation option – insurance.
In this first of 4 video clips, Ray covers the basics, including:
- Who is at risk for needing long-term care
- Costs of nursing home and assisted living cost
- Ways to pay for long-term care
- Determining how much insurance you need
If you do have long-term care insurance, Ray explains the conditions that must be met in order for benefits to kick in.
When clients need help navigating the specifics of long-term care insurance, we can connect them with experts like Ray. (PFA is fee-only, we do not sell financial products.) In addition to helping clients find the right policy based on their individual needs, Ray is your advocate during the underwriting and claims processes.
Besides traditional long-term care policies, insurance companies now offer additional types of insurance with long-term care coverage. Ray tells us about one alternative.
Besides traditional long-term care policies, insurance companies now offer additional types of insurance with long-term care coverage. Ray tells us about one alternative.
DISCLAIMER: The foregoing content reflects the opinions of Penobscot Financial Advisors and is subject to change at any time without notice. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security.
