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Long term care is a staple in the healthcare industry now as more people both young and old need the care and it can be very costly. In previous posts, we’ve discussed the various types of care available and the cost around the country. Now we need to address how to pay for it. There are various payment options and knowing how they may affect you financially is very important. Keep reading to learn more.
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Everyone has the same options when it comes to planning for their future long term care needs. The issue is not everyone plans or even thinks about the need. Many people just assume if they need long term care then it will be taken care of, and it might. But the way it’s taken care of and the type of care you receive may not be what you want. By taking control and planning, you can have a say in your future care and can also help alleviate future emotional and financial stress on your those in your life. The four basic payment options are as follows, but not everyone is qualified to use each one. We’ll cover each option in more detail in future posts.
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- Medicaid – is a public health insurance program that provides coverage to low-income individuals that meet the income and asset tests.
- Self-pay – is using your own income and assets to cover all expenses related to your care.
- Long term care insurance – is a private risk mitigation tool that allows you to offset the cost of care by paying a smaller premium to the insurance carrier who then provides the larger dollar benefit, up to a limit.
- Friends/Family – is depending on personal friends and family to provide the funds and care on your behalf.
Each option above will be affected by your current financial state and will also affect your financial future. Which option is right for you depends on a variety of circumstances such as: location, income level, asset level, type of care needed. This is not something that should be left to chance. So, take the initiative and give us a call to start your conversation. Not only are we Lockheed Martin retirement specialist, but we specialize in this area of planning as well. Don’t leave it to chance, call today!
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Be sure and check back next week for more incredibly valuable information. Cheers!
Financial Planning and Investment Advisory offered by SWMG, LLC a Registered Investment Advisor.
Lockheed Martin Retirement Specialist is not an official title or professional designation nor is it conferred by Lockheed Martin on any individual or company.
Our Complementary consultation and free report are for informational purposes only and provided free without any obligation to utilize or retain our investment advisory services.
SMWG, LLC is not affiliated with or endorsed by Lockheed Martin Corporation. Our expertise comes from working with LMT employees for several years and helping them to retire with confidence.
Investing involves the risk of loss, including loss of principal. Past performance does not guarantee future results. Investment products are not FDIC insured, have no bank guarantee, and may gain or lose value. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will be profitable for a client’s investment portfolio.
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