November is Long-Term Care Awareness Month
Fort Myers, FL, November 04, 2016 --(PR.com)-- Nearly 70 percent of those over age 65 will require some form of long-term care during their lives.* Long-term care includes assistance with daily living tasks if a chronic illness or disability leaves an individual unable to care for themselves for an extended period of time, either in their home or in a specialized facility. November is Long-Term Care Awareness month, an opportunity to focus on the importance of individuals planning for their future long-term care needs.
“In my experience as a medical social worker, I was surprised to see how many people had not planned for healthcare costs in retirement,” said Alexandra Henderson-Chiklakis, an insurance specialist with Henderson Wealth Partners. “In paying for these rising care costs, it was difficult seeing families quickly deplete what they had worked so hard for over their lifetimes. It became necessary to begin having the long-term care planning discussion way in advance with families to better anticipate these surprises and unwanted outcomes.”
“Many people believe their private health insurance, Medicare or Medicaid will pay for their long-term care needs, however, that’s typically not true,” said Henderson-Chiklakis. “Most forms of private insurance do not cover custodial or personal care services. Medicare only covers a portion of skilled, short-term, medically necessary care costs for periods up to 100 days, and Medicaid is only available to those with limited assets and income. If care is needed for an extended period of time, assets will need to be spent down before Medicaid will kick in, and there is less choice about the care received. Also assuming loved ones will provide care, is an imperfect plan, not taking into account the negative emotional and financial impact on the caregiver.”
Henderson-Chiklakis says the greatest gift of long-term care planning and insurance is that it allows loved ones to supervise your care and not have to provide your care. She cites reasons to consider long-term care insurance:
· Helps individuals maintain independence
· Individuals get the care they need in the setting they choose
· Can help preserve retirement assets
· Can help relieve financial and caregiving pressures on loved ones
Henderson-Chiklakis suggests considering long-term care insurance in your 40s or 50s. Policies can be purchased by individuals in their 60s or older, but she notes, premiums will be considerably higher. Also, as medical conditions develop, premiums can be increased or an individual may be deemed uninsurable. An independent insurance professional who specializes in long-term care can assist in exploring the best coverage options available and help to customize a plan based on individual needs and budget.
Building on 30 years of financial services experience, Henderson Wealth Partners assists individuals, families and business owners seeking comprehensive financial advice and planning to help lead them to and through retirement. For more information about Henderson Wealth Partners visit www.hendersonwealthpartners.com, email Alexandra.henderson@lpl.com or call (239) 939-1888 for a no-obligation long-term care consultation.
About Henderson Wealth Partners:
With nearly 30 years in the financial planning business, Henderson Wealth Partners takes pride in the long-term client relationships based on the core principles of trust, integrity and personalized service. Henderson Wealth Partners offers access to a wide range of products and services to help address the financial needs of individuals, families, retirees and business owners. These include Financial Planning, Retirement Planning, Estate/Legacy Planning, Investment Management, Long Term Care Planning and Philanthropic Planning and Life Insurance.
Henderson Wealth Partners is located at 1404 Dean Street, Suite 101 in Fort Myers. For more information about Henderson Wealth Partners, visit www.hendersonwealthpartners.com or call to schedule a no-obligation consultation at (239) 939-1888.
Securities and financial planning offered through LPL Financial, a Registered Investment Advisor, Member FINRA/SIPC.
This material contains only general descriptions and is not a solicitation to sell any insurance product or security, nor is it intended as any financial or tax advice. This article is intended to assist in educating you about insurance generally and not to provide personal service. They may not take into account your personal characteristics such as budget, assets, risk tolerance, family situation or activities which may affect the type of insurance that would be right for you. In addition, state insurance laws and insurance underwriting rules may affect available coverage and its costs. Guarantees are based on the claims paying ability of the issuing company.
*What You Need to Know about Long-Term Care Insurance - Client Approved Brochure (LPL Tracking #1-435825), October 2016
“In my experience as a medical social worker, I was surprised to see how many people had not planned for healthcare costs in retirement,” said Alexandra Henderson-Chiklakis, an insurance specialist with Henderson Wealth Partners. “In paying for these rising care costs, it was difficult seeing families quickly deplete what they had worked so hard for over their lifetimes. It became necessary to begin having the long-term care planning discussion way in advance with families to better anticipate these surprises and unwanted outcomes.”
“Many people believe their private health insurance, Medicare or Medicaid will pay for their long-term care needs, however, that’s typically not true,” said Henderson-Chiklakis. “Most forms of private insurance do not cover custodial or personal care services. Medicare only covers a portion of skilled, short-term, medically necessary care costs for periods up to 100 days, and Medicaid is only available to those with limited assets and income. If care is needed for an extended period of time, assets will need to be spent down before Medicaid will kick in, and there is less choice about the care received. Also assuming loved ones will provide care, is an imperfect plan, not taking into account the negative emotional and financial impact on the caregiver.”
Henderson-Chiklakis says the greatest gift of long-term care planning and insurance is that it allows loved ones to supervise your care and not have to provide your care. She cites reasons to consider long-term care insurance:
· Helps individuals maintain independence
· Individuals get the care they need in the setting they choose
· Can help preserve retirement assets
· Can help relieve financial and caregiving pressures on loved ones
Henderson-Chiklakis suggests considering long-term care insurance in your 40s or 50s. Policies can be purchased by individuals in their 60s or older, but she notes, premiums will be considerably higher. Also, as medical conditions develop, premiums can be increased or an individual may be deemed uninsurable. An independent insurance professional who specializes in long-term care can assist in exploring the best coverage options available and help to customize a plan based on individual needs and budget.
Building on 30 years of financial services experience, Henderson Wealth Partners assists individuals, families and business owners seeking comprehensive financial advice and planning to help lead them to and through retirement. For more information about Henderson Wealth Partners visit www.hendersonwealthpartners.com, email Alexandra.henderson@lpl.com or call (239) 939-1888 for a no-obligation long-term care consultation.
About Henderson Wealth Partners:
With nearly 30 years in the financial planning business, Henderson Wealth Partners takes pride in the long-term client relationships based on the core principles of trust, integrity and personalized service. Henderson Wealth Partners offers access to a wide range of products and services to help address the financial needs of individuals, families, retirees and business owners. These include Financial Planning, Retirement Planning, Estate/Legacy Planning, Investment Management, Long Term Care Planning and Philanthropic Planning and Life Insurance.
Henderson Wealth Partners is located at 1404 Dean Street, Suite 101 in Fort Myers. For more information about Henderson Wealth Partners, visit www.hendersonwealthpartners.com or call to schedule a no-obligation consultation at (239) 939-1888.
Securities and financial planning offered through LPL Financial, a Registered Investment Advisor, Member FINRA/SIPC.
This material contains only general descriptions and is not a solicitation to sell any insurance product or security, nor is it intended as any financial or tax advice. This article is intended to assist in educating you about insurance generally and not to provide personal service. They may not take into account your personal characteristics such as budget, assets, risk tolerance, family situation or activities which may affect the type of insurance that would be right for you. In addition, state insurance laws and insurance underwriting rules may affect available coverage and its costs. Guarantees are based on the claims paying ability of the issuing company.
*What You Need to Know about Long-Term Care Insurance - Client Approved Brochure (LPL Tracking #1-435825), October 2016
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