Planning for Long Term Care 101
What exactly is Long Term Care (LTC)?
Many still think that long term care is a nursing home. But that is not the case. There are many health conditions that are not end of life. LTC might be care at home for dementia or a stroke.
By definition the need to LTC is when a person needs extended help for performing 2 of the 6 activities of daily living. Bathing, dressing, eating, transferring, toileting, continence, or has cognitive impairment.
The good news is with health research we are living longer, so we have more years to enjoy retirement.
But the flip side of this is that we need to save more, and plan better for Long Term Care.
"2 Questions" - 90 second Video
3 other important questions to consider:
Where do you want to stay?
Who do you want to take care of you?
What assets would you use to pay for care?
Did you know:
The Pension Protection Act allows you to repurpose qualified money for LTC expenses tax free?
You can use your IRA or 401(k) savings to pay for LTC for both you and your spouse?
A family member or trusted friend can receive payment for taking care of you?
More questions about your options and your family situation? Click below to book a call or a google meeting with Jim.
