While we don`t want to think about ourselves or a loved one ever needing long-term care, it is a reality that, if not faced now, could cause emotional and financial devastation in the future.
 
Consider the following when developing your long-term care plan.

Fact: You have a one in four chance of needing long-term care if you are age 66 to 80. You have a one in two chance if you are older than 80.

Myth: I won`t live long enough to need it.

Fact: Americans are living longer. The fastest growing population is the 85+ group. 50% of 65 year olds will live to be 100. 

Myth: I can rely on the government (Medicaid) to help me.

Fact: To some extent this is true; is intended as a safety net for the poor. In order to qualify for Medicaid, a person must spend down all assets to the poverty level. Medicare only covers skilled care for a limited time, only after hospital confinement and does not cover either custodial or intermediate care. Other disadvantages include long waiting lists for admission, necessity of frequent moves to find adequate care, and the government determines the type of care received. Lastly, estate recovery is now mandatory – this means that the states must recover from the estates of beneficiaries any Medicaid long-term care benefits received.
Source: www.medicare.gov

 Additional Considerations:

“Each year that you delay purchasing a Long-Term Care Insurance policy, premiums increase about 8%,”says Robert Davis of Long-Term Care Quote.

LTC insurance can keep you OUT of a nursing home and keeps you in control (lifestyle protection).

Source: Genworth Financial 2009 Cost of Care Survey.

 Long-term-care insurance:

• Protects your savings and investments. 
• Takes the financial and emotional burden off your family.
• Allows you to maintain the independence that you`ve enjoyed your entire lifetime.
   

For an informational packet or a no-cost, no-obligation consultation, please contact a De Maine Wealth Management financial consultant at  678-546-3747  678-546-3747 .