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Long term care

Because Americans now live longer than ever before, they face unprecedented financial challenges. Not only must savings stretch to cover more years, they must be substantial enough to help pay the costs of medical care not currently covered by Medicare or standard supplemental policies. Long-term care insurance is a relatively new option that may provide some relief. We can provide you with an overview of long term care insurance options that you may want to consider. To protect your family’s future, take stock of your finances and consider the following tips:

  • Maintain cash reserves. Long-term savings and investments form the cornerstone of financial stability. In addition to standard accounts, develop a cash or easily liquidated reserve account for emergencies; most experts recommend maintaining enough readily-accessible assets to cover three to six months of expenses.
  • Be adequately insured. The term "risk management" refers to the combination of insurance types that best address your particular needs. Standard categories of insurance include:
    • Life Insurance – Would your family’s situation benefit from having coverage? The types of life insurance from which you may choose include "Term," which provides coverage for a set period of time and pays benefits only in the event of death. "Whole Life," "Variable life" and "Universal life" policies, all of which include a savings component, are also available. At Granite Wealth Management we can help you determine how much insurance you need.
    • Disability Insurance - Most families will benefit from a review of current policies to determine if additional coverage is needed.
  • Long Term Care Insurance - Increasingly popular, this category of insurance can shelter a family’s savings and the estate of the insured in case of long-term illness or disability.

When planning for long term care, these details may prove helpful:

  • Make a caregiving budget. Put together a detailed estimate on receiving long term care.
  • Learn about Medicare and Medicaid. What kind of Medicare coverage do you have? Do you also have a Medigap or Medicare Advantage policy? A drug plan? What are the co-pays, out-of-pocket limits, and other financial aspects of their insurance? Learn more
  • Understand the costs of remaining in your own home. Most people want to grow older in their own home, surrounded by possessions and memories. How much will such "aging in place" cost, and can you find help? This calculator can provide you with a rough estimate to be used for comparison.
  • User names and passwords. Consider giving one of your children access all of your user names and passwords for your electronic accounts.

At Granite Wealth Management we can help you determine a personlized approach to address your family’s needs. Contact us to discuss our approach.

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