As of the writing of this article, all 2021 issues still have not been resolved. So, as of now, we are still sitting in conservative portfolios.
So, let’s talk about health, as it relates to money.
Over the past 34 years, I have protected hundreds of portfolios from the possibility of huge medical and long-term care (LTC) bills as well as funeral expenses. Yes, I know, nobody wants to talk about this stuff but it’s prudent to do so.
A LTC policy can cover nursing home costs as well as assisted-living facilities. If you want to try to stay home and receive care in your own surroundings, they will even cover that. We decide on these plans the same way we do everything else – that being as a fiduciary for you. We calculate what your needs are and run your information through our software with all the companies that offer LTC plans in your area. Then, we choose the most appropriate fit for you.
What’s that? You don’t want to pay another monthly premium. No worries. There are companies that created products that you deposit one lump sum and grow the asset while covering you for a potential long-term-care stay. Some even have a tax-free death benefit to cover funeral expenses and more.
The key is to custom tailor your plan to your needs and budget. This is something that I have found is not the usual methodology used by brokers and insurance agents. They usually find a product and company that they like and present the same thing to everyone. Don’t let them do that. Make them show you everything that’s available and run a side-by-side analysis so you know you are choosing wisely.
In my opinion, you should make sure that your plan has an extraordinarily strong Home Health Care benefit. With COVID, I want to stay home and receive my care there, if possible. Questions? Please feel free to call our office. Your advisor is well-versed and experienced with this topic and is ready to help.