Long Term Care Planning
Long-Term Care (LTC)
Many people think long-term care (LTC) refers to an insurance policy. While insurance may be part of your strategy to minimize costs, LTC encompasses everything from assisting with basic personal needs, finances, where you will live, to navigating many different legal, family, and social dynamics along the way.
The long-term care community measures basic personal needs by observing whether an individual needs help with at least two of the six activities of daily living (ADLs). These are activities that most people can do without assistance, such as: bathing, dressing, eating, transferring, toileting, and continence.
According to longtermcare.gov, nearly 70% of people over age 65 will need long term care at some point in their lives. Since people are living longer, it’s important to understand how to plan for LTC costs. Medicare only pays LTC costs if skilled care or rehabilitative services are required, and these are limited to a very short period (typically less than one month). While Medicaid can cover a large share of LTC costs, in order to qualify, your income must be below a certain level, and you must meet minimum state eligibility requirements. For these reasons, it is no wonder LTC expenses play a major factor in the wealth erosion of so many people. It isn’t affecting only those in retirement, however. Nearly 1/3 of those who receive care are middle-aged workers who experienced a disabling event.
Therefore, it is important to plan for the worst-case scenario. It is easier than most people think. You can easily own an individual disability policy to protect your income while you work while having a plan to help minimize the risk of a LTC event eroding your wealth and impacting the lives of your family.
If you would like Doctor Protectors to share ways to address your long-term care needs, complete the form above.
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How Doctor Protectors Can Help?
We understand medical and dental practitioners face unique challenges, with limited spare time. We are experts at understanding the nuances of the many different long term care solutions and their policy options, so you don’t have to!
Doctor Protectors streamlines the process of obtaining personal insurances by leveraging multiple top carriers to provide the best rates and solutions available to protect you and/or your practice. If you’ve yet to obtain LTC protection, or you just aren’t sure your current asset protection plan is sufficient, let us help protect what you’ve worked so hard to achieve.
