Long Term Care - Are You Prepared?

              planning for
                                 your family’s
future
Most people feel that they have a responsibility to make conscious, deliberate decisions about their family’s financial future. Right now you may be thinking about planning for a child’s education, protecting your family and belongings, or saving and planning for retirement.
If you are approaching your retirement years, you may be thinking about how you can turn your nest egg into a safe, reliable income you may never outlive.
 
Even if you have many years before retirement, it is important to understand how the choices you make today can impact your family in the future.
As a result, it is important to consider how your life may change over this extended period.
 
Opportunities and Challenges
Thanks to healthier lifestyles and medical advancements, many people expect to live long and healthy lives. At the same time, as you grow older, you may have to cope with the physical challenges of life. This may be a result of a chronic illness, an injury or even just normal aging.
Consider the following questions about managing risk and protecting your family’s lifestyle.
 
• How do you feel about the planning you’ve done for retirement?
• Is it reasonable to believe you will live a long life in retirement?
• Have you ever known anyone who needed help with the physical or mental challenges of growing older? How did it affect the family?
• Is it reasonable to believe that as you grow older, you may need some kind of help?
People are living longer today than ever before. It has become common for people to spend 20-30 years in retirement.
 “retirement income and savings may be needed to pay for long-term care expenses”
Paying for Care
Two primary ways to pay for the expenses associated with needing long-term care include:
• Your Retirement Savings and Income
• Long-Term Care Insurance
Your Retirement Savings and Income
Long-term care can be expensive. You can not predict how long you may need care. Many people rely on their retirement income, and even their portfolio’s principal to pay these expenses.
If you do not have a plan for your long-term care expenses, you may expose the retirement savings you had intended to use for other purposes.
Taking this approach may come with serious consequences to your family and loved ones.
Long-Term Care Insurance
Developing a plan that includes long-term care insurance can provide your family with the money needed to help pay for care.
Funding the Plan
Consider your situation and how the expense of needing care may impact your retirement savings and income.
• How much of your retirement savings have you designated to cover the costs of long-term care?
• Do you feel it is reasonable to start developing a plan for long-term care insurance today?
The Consequences of Needing Care
Many people expect to live long and healthy lives, and it is important to recognize that as you grow older, you may need some help with the everyday tasks of life. Performing routine activities such as getting dressed, bathing, eating or moving about your home may become a challenge later in life.
Your family will do their best to take care of you. However, consider how this may impact them both emotionally and financially.
Professional assistance can help alleviate the physical and emotional stress placed on your family. This type of support can help preserve your relationships with family members by allowing your family to supervise the care, rather than provide the care themselves.
Your Family, Finances and Lifestyle
You may need to dip into your retirement income and savings to pay for your care. This could even put your principal at risk.
It is important to address these issues today and integrate them into your retirement strategy.
Consider the impact that needing care may have on your family and loved ones, your finances and your lifestyle.
• If you needed help, who would lend a hand?
• Paid help in your home may allow your family to take better care of you for a longer period of time. How would you pay for this care?
• How would these expenses change your lifestyle? Your family’s?
• Do you feel it’s reasonable to develop a plan today to address these issues?
taking the next step
John Calabrese can assist you in starting a plan to help protect your retirement savings and income from the expenses of long-term care. He will guide you through the policy selection process, so that you can choose a policy that best fits your needs.
 
 

Some health insurance products offered by unaffiliated insurers through the Enterprise General Agency Inc(EGA)., 300 Davidson Avenue Somerset, NJ 08873-4175.   Metropolitan Life Insurance Company (MLIC), New York, NY 10166. MLIC AND EGA are MetLife Companies.L0611188366[exp0712][NJ,NY]