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
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 how 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. o Explore insurance solutions. 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
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 1 Source: Genworth Monthly Median Costs: National, 2020. https://www.genworth.com/aging-and-you/finances/cost-of-care.html
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