Long Term Care
Long term care describes a continuum of services and support a person may receive due to a medical condition or stage of life. The need for services can vary widely, as well as, the environment in which they are provided. Home care agencies and certain retirement communities provide long term care, while nursing homes are the most well-known providers. Concern over long term care needs is a very personal issue, because not only can it be financially devastating, but it describes one of the hardest aspects of aging; the possibility of needing help. It implies the possibility that one day we will be a burden to our family or children or a third party agency. As our nation comes to grips with this scenario there are few good options. One option is a supportive and geographically close family but even they cannot always provide the care that is needed. Another option, accumulate significant assets to cover a care provider but it’s tough enough to save for retirement, let alone enough for possible care. There are federal programs like Medicare and Medicaid but they don’t cover care provided over a long term, or provide care to those who have even meager amounts of assets, respectively. Then lastly, there are various forms of insurance coverage that transfer this risk in exchange for either annual premiums or the deposit of an asset. Our role as planners is to explain not just the insurance options but all those listed here and help you feel comfortable in your plan.
8161 Maple Lawn Blvd, Ste 400, Fulton, MD 20759
Phone: 301-543-6000 Toll Free: 888-740-3501
2247 W. Great Neck Rd, Ste 201, Virginia Beach, VA 23451
Phone: 757-271-8824 Toll Free: 888-740-3501
Planning Solutions Group, LLC