October 3rd, 2018
Captain's Log


Last month we talked about the importance of income planning for retirement. This month we're going to focus on another crucial component of an overall retirement plan - Long Term Care. This falls under  Healthcare Planning in our  Chart Your Course Retirement Plan. It's not something that anybody really enjoys discussing, because we all want to think that we'll maintain our independence until the end, but it's important to be sure you're at least aware of your options for how to pay for various care should the need arise. Statistics show that the majority (7 out of 10) of seniors will require some type of extended care. That's a pretty eye-opening figure when you think about it. Given the fact that most of us will require Long Term Care of some sort, don't you think it makes sense to try to include coverage in your retirement plan if at all possible? I do. 

There are a variety of ways to cover Long Term Care expenses ranging from Medicaid to Traditional Long Term Care Insurance to Asset-Based Long Term Care programs. Check out  The Wealth Report below for some more information on what these options entail. 

For an even deeper look at the options mentioned - check out the following report from our team at Advisors Excel...

If you would like to discuss how some of these strategies might work as a part of your own retirement plan, if you'd  li ke your own   Chart Your Course Retirement Review , or a second opinion on your current retirement plan, then just let us know. 

And, as always, remember -  The purpose of the money dictates where you put it. 

Until Next Month,
Jim's signature
  James D. Stillman

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The Wealth Report:

How to Pay for Long Term Care

While health insurance covers expenses related to acute care, like a trip to the hospital, it does not cover the cost of assistance over a long period of time - such as the rest of your life. Longer term care must be paid for out of pocket unless you qualify for government benefits or purchase some form of long-term care insurance. While fees vary based on location and other criteria, long-term care can be pricey. To give you a general idea of the cost, the following are national medians for various types of long-term care services, according to Genworth's 2017 Cost of Care Survey.

Monthly Costs - National Median 
Homemaker Services - $3,994
Home Health Aide - $4,099
Adult Day Health Care - $1,517
Assisted Living Facility - $3,750
Nursing Home (semi-private room) - $7,148
Nursing Home (private room) - $8,121

Long-term care insurance can help protect a household's assets so that the care of one family member does not devastate a lifetime of savings and the financial future of other members. The following is an overview of some of the options available to help pay for long-term care.

All content is intended for informational purposes only. Any guarantees are for insured products only and are dependent on the claims paying abilities of the insurer.  All investments carry some risk and you should be advised by your personal financial advisor before implementing any strategies discussed, as they are not suitable for everyone. James D. Stillman is an Investment Advisor Representative of JDS Wealth Management Corporation and AE Wealth Management. 

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