Choices for the Long Term
With Americans living longer and health care costs continuing to rise, it’s more important than ever to have a strategy in place to shelter yourself from the risks that long-term care may present.
Like most types of insurance, long-term care coverage is designed to protect your personal and financial well-being. But before you can decide whether it’s an appropriate option for you, the first step is to be sure that you have a clear understanding of what long-term care actually involves.
Most often, long-term care encompasses custodial care—as opposed to skilled nursing care—meaning the support and assistance a person receives with activities of daily living (ADL). These might include bathing, dressing, eating, toileting, and transferring.
The necessity for long-term care—whether as a result of normal aging or due to illness or injury—can create significant anxiety and stress for you, as well as for family members and loved ones. Although it may be hard right now to imagine yourself ever needing help with such basic activities, the choices you make now can help ensure that you’re able to maintain the independence you want later. And the younger you are, the more options you’re likely to have available to address your specific requirements.
An Approach Designed Around You
Long-term care coverage is a key element of any risk management strategy—not to mention an important component of a comprehensive retirement or wealth management plan. At Wealth Management Strategies, we take a highly personalized approach to creating a framework for insuring your future-with the relationship we maintain with you at the foundation.
As your guide, we take the time to understand your unique priorities and wishes. This process may incorporate discussions about personal health issues or concerns. While we recognize that his can be unsettling, our goal is to identify alternatives that can provide the safety net you need and the flexibility you want—at an affordable cost to you.
We consider such things as the type of care you may require and your preferences about where you would like to receive this care, whether it be in your home or in an assisted living, adult day care, or nursing home setting.
We work with you every step of the way to help ensure that the process is smooth, in order to develop a long-term care plan that’s well-coordinated with any other risks protection policies you may have and compatible with your overall financial picture.
The Support of an Experienced Guide
While there are countless options available, our goal is to find the ones that are right for your specific needs. Our status as independent financial advisors means you can be assured that every recommendation we make is in your best interest.
This is further reinforced by our choice to partner with Commonwealth Financial Network®, a Registered Investment Advisor–broker/dealer with a more than 30-year history of focusing solely on the needs of its advisors and their clients.
Through our relationship with Commonwealth, we have access to a universe of providers across the industry, with no pressure to promote a particular product or answer to a parent company.
We also collaborate with a dedicated team of professionals experienced with carriers, features, riders, and state-specific rules to find a strategy that is custom-tailored for you.