27:54 -(4-1-23) Long term Care is a hot topic, with lots of twists and turns. This is The One Topic about which we regularly receive lots of questions. Danny and Rich go through the basics and some of the details about Long Term Care costs, coverages, and concerns.

0:00 – Intro/Disclaimer/Agenda
2:12 – What is Long Term Care?
3:20 – What Qualifies as Long Term Care?
5:48 – Long Term Care Realities
9:10 – RIA’s Financial Guardrails for LTC
14:14 – Types of Long Term Care
17:54 – What Your Long Term Care will look like
19:24 – The Expense of Long Term Care
22:15 – Payment Option Misperceptions
24:54 – Why Medicare May Not Be a Realistic Solution
26:23 – What If You Don’t Plan for LTC?
27:54 – LTC is Likely to be Informal/Unpaid
29:00 – LTC Cost Planning
33:10 – How to Get Started
36:32 – LTC Cost Assessment
37:49 – Comparing Indemnity & Reimbursement Plans
41:55 – How we can assist
Q&A:
How old is too old for acquiring LTC?
How does a Hybrid Plan for LTC work?
What About Pre-existing Conditions?
Is it wise to self-insure?
Can you use a HSA for LTC premiums?
Can you incorporate SEP IRA and ROTH IRA into life insurance plan?
What insurance policy is right for you?
Hosted by RIA Advisors’ Director of Financial Planning, Richard Rosso, CFP, w Senior Advisor, Danny Ratliff, CFP.
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Long term care is a topic that many people prefer to ignore or put off until it becomes a pressing issue. However, failing to plan for long term care can have serious repercussions on your financial and emotional well-being. It’s important not to be foolish about long term care and to start thinking about your options sooner rather than later.

Many people mistakenly believe that long term care is only for the elderly or those with chronic health conditions. However, the reality is that anyone can find themselves in need of long term care due to unforeseen circumstances such as accidents or illnesses. Long term care can be expensive, with costs ranging from hundreds to thousands of dollars per month depending on the level of care needed.

One common misconception about long term care is that it will be covered by Medicare. While Medicare does cover some aspects of long term care, such as skilled nursing care for a limited time, it does not cover custodial care, which includes assistance with activities of daily living like bathing, dressing, and eating. Without proper planning, you could be left with a significant financial burden if you require long term care.

It’s important to start planning for long term care early in order to explore your options and ensure that you have a plan in place. There are a variety of ways to pay for long term care, including long term care insurance, Medicaid, and personal savings. By researching these options and creating a financial plan, you can ensure that you will be able to afford the care you need in the future.

In addition to financial planning, it’s also important to consider your preferences for long term care. Some people may prefer to receive care at home, while others may feel more comfortable in a nursing home or assisted living facility. By discussing your preferences with your loved ones and healthcare providers, you can ensure that your wishes are respected in the event that you need long term care.

Don’t be foolish about long term care – start planning now. By taking the time to research your options, create a financial plan, and communicate your preferences with your loved ones, you can ensure that you will be prepared for any future care needs. Planning ahead for long term care can provide peace of mind and help you maintain your independence and quality of life as you age.