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Long Term Care

Homeless VA 060By David Hudson RFC, CEP

Many people refuse to think about the possible need for long term care. That may be a major mistake. For those people we would simply like to share some important facts that everyone should know. The first important fact is that having a plan to deal with the problem DOES NOT make the person more likely to need care than not having a plan does. Having a plan before the problem arises can preserve independence and allow you to have a lot more choices if the need does arise. It is important to know that our government defines long term care as the need for some type of care for ninety days or longer due to a medical condition. The care could be in a nursing home, assisted living facility, adult daycare facility, or it could also be as simple as having someone to come by a few hours each day to help out in your home. It DOES NOT have to be in a nursing home.The United States Department of Health and Human Services publishes an array of statistics on the need for long term care. One of their most important published facts is that people turning sixty-five have a forty-three percent chance of needing some type of care for ninety days or longer.  

There are three other factors that can increase those odds dramatically. Females are almost twice as likely to need care as males are. Naturally, age is a fact. The older the person gets the greater their chances are of needing care. Finally, living alone greatly increases the need for long term care.

By double clicking on the “Long Term Care” category at the upper right you will find articles dealing with the subject. The articles will include four ways to pay for care, with an additional free benefit available to veterans, and their spouses. This is important information for all retirees and those approaching retirement. As always, if you need additional information please let us know.

Investment Advisory services are offered through AlphaStar Capital Management, LLC, a SEC Registered Investment Advisor. AlphaStar Capital Management, LLC and Master’s Estate and Financial are independent entities. Masters Estate does not offer tax or legal advice.

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