Gear up for Covering Long-Term Care Costs

April 18, 2023
Check it Out! Feeling prepared to meet long-term care costs—and have the care experience you envision—is easier when you take a few steps ahead of time.

Figure Out where You'll Be

Pick your state.
The cost of care can vary dramatically depending on what state you call home. In general, annual long-term care costs can easily exceed $100,000.1

Decide on where you’d best like to receive care.
Ask yourself what suits you best: At home? With a family member? In a continuing-care community? A hospital?

Select a care facility in advance.
Choosing a long-term care residence while you’re well helps assure you get the kind of care you want should the time come where it’s not possible to stay in your home. Medicare’s Guide to Choosing a Nursing Home or Other Long-Term Services and Supports offers tips on how to find and compare facilities.

Choose Who Cares for You

Identify the family member who makes the most sense.
If you’re married, your spouse might seem the obvious choice. But if that person also has health issues, or simply isn’t strong enough to get you from Point A to Point B, another loved one might be better.

Look into home health provider firms in advance.
Before you need a home health aide, vet providers to find one with the care philosophy and quality you want.

Work Through Your Payment Plan

Earmark savings.
If you’re like many people, who pay for care costs out-of-pockets, carve out a portion of your savings to cover costs.

Look into Medicare and Medicaid programs.
In addition to long-term care policies, explore how annuities or life insurance could help you manage these expenses. Turn to a Financial Advisor or licensed insurance professional for guidance.

Explore insurance solutions.
Find out what you need (or don’t need) to qualify for each of these programs—the two most common ones people use to pay for long-term care. In addition to long-term care policies, explore how annuities or life insurance could help you manage these expenses. Turn to a Financial Advisor or licensed insurance professional for guidance.

Working With Janney

Depending on your financial needs and personal preferences, you may opt to engage in a brokerage relationship, an advisory relationship or a combination of both. Each time you open an account, we will make recommendations on which type of relationship is in your best interest based on the information you provide when you complete or update your client profile.

When you engage in an advisory relationship, you will pay an asset-based fee which encompasses, among other things, a defined investment strategy, ongoing monitoring, and performance reporting. Your Financial Advisor will serve in a fiduciary capacity for your advisory accounts.

For more information about Janney, please see Janney’s Relationship Summary (Form CRS) on www.janney.com/crs which details all material facts about the scope and terms of our relationship with you and any potential conflicts of interest.

By establishing a relationship with us, we can build a tailored financial plan and make recommendations about solutions that are aligned with your best interest and unique needs, goals, and preferences.

Contact us today to discuss how we can put a plan in place designed to help you reach your financial goals.

1 Source: Genworth Monthly Median Costs: National, 2021. https://www.genworth.com/aging-and-you/finances/cost-of-care.html

 

Janney Montgomery Scott LLC, its affiliates, and its employees are not in the business of providing tax, regulatory, accounting, or legal advice. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any taxpayer for the purpose of avoiding tax penalties. Any such taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor. Janney makes no representation that an individual will obtain gains or losses similar to those illustrated. The concepts illustrated here have legal, accounting and tax implications.

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For more information about Janney, please see Janney’s Relationship Summary (Form CRS) on www.janney.com/crs which details all material facts about the scope and terms of our relationship with you and any potential conflicts of interest.

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