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This is one of the most important subjects I discuss with my Clients as their financial planner and retirement planner. Before recommending any course of action as to whether Long-Term Care (LTC) is appropriate, I always run a comprehensive insurance-needs analysis with the goal of determining the right amount of coverage needed, if any, before exploring any policy options.
LTC serves to support personal care necessities. In addition to medical care, LTC provides assistance with the basic personal tasks of everyday life, or Activities of Daily Living (ADLs), including:
LTC services can also assist with everyday tasks, or Instrumental Activities of Daily Living (IADLs), including:
The following is according to the U.S. Department of Health & Human Services from the office of the Assistant Secretary for Planning and Evaluation (ASPE):
A few other facts associated with LTC:
While the cost of LTC coverage can certainly present challenges to a financial plan, there are options we are happy to discuss with you that may assist in funding your premiums. As an example, it could be worth exploring the potential benefits of utilizing a reverse mortgage and available life insurance options. Contact us for a no-obligation consultation so we can listen to your situation and concerns.
Alano D. Massi is a financial advisor with offices in Westlake Village and Palmdale, California. Alano is a CERTIFIED FINANCIAL PLANNER™ practitioner and Managing Director at Palm Capital Management, LLC.
Palm Capital Management primarily services the financial planning and retirement planning needs for individuals and families located in the areas of Westlake Village, Thousand Oaks, Agoura Hills, Calabasas, Woodland Hills, Hidden Hills, Oak Park, Encino, Tarzana, Santa Clarita, Simi Valley, and Palmdale. Individuals tend to have different preferences when communicating a strategy for their financial and retirement planning. Bottom line… we want you to be comfortable and confident, so we can accommodate an in-person meeting, telephone call, or video conference. In addition, we can share our computer screens with you for easy online navigation when presenting your financial and retirement plan.
Palm Capital Management
Westlake Village, California, 91361
Phone Number: 805.727.2000
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You can also call our office at: 805.727.2000