The single most catastrophic event that can destroy the best thought-out and funded retirement plan is the need for long-term care.
The rising costs of care are expected to double every 15 years, while limited government programs become even more restrictive. Your annual Social Security Statement reads, “Medicare does not pay for long-term care, so you may want to consider options for private insurance.”
The late Senator John Heinz clearly saw the importance of proper planning.
“The greatest threat to the financial security of middle income Americans is the cost of long-term care. Our nation’s middle class can insure their cars against theft or damage, their houses against flood or fire, their children against the cost of college and braces, and their families against the risk of early death. But when it comes to insuring the single greatest threat to their life savings and emotional reserves – the cost of long-term care – most Americans have no protection. In many ways, it’s as if we are all wearing bulletproof vests with holes over our hearts. We are missing protection where we most need it.”
It’s important that families understand the need for LTC planning and the consequences – financial, emotional, and physical – on those they love the most when they don’t plan. Proper planning is the best gift that someone can give their family.
For more information on LTC planning or to schedule a complimentary, no-obligation consultation, please contact Ian Bennett at 412-901-7484.