By Chris Orestis via Iris.xyz
The costs of long-term care are increasing every year, according to Genworth Financial, but most families and advisors do not understand what they will be confronting when it is time to start paying for care. Too many people wait until they are in the middle of a crisis situation before they start trying to figure out how the world of long-term care works. Long-term care is a topic people don’t want to discuss and it’s a very expensive proposition. Families can go broke quickly trying to provide for a loved one. Compounding this problem is that many people do not know the difference between Medicare and Medicaid, and what you must do to qualify. They don’t know the differences between home care, assisted living and nursing home care. They don’t know what is and is not covered between public and private pay. And, most likely don’t understand the growing array of long-term care insurance, annuity and life insurance products.
People are warned to plan for the future almost constantly over the course of their adult life. But the reality is too few actually heed the warnings and don’t secure insurance or financial products that can mitigate their future risks. There are solutions to help many people who failed to plan. One of the fastest growing areas of funding long-term care is in the area of “crisis management”. There are “point-of-care” tools available to families that can help pay for the costs of care at the time that it is needed. One tool that is becoming more prevalent is exchanging life insurance policy death benefits into structured vehicles such as Long-Term Care Health Savings Accounts (LTC-HSA) that will pay for the costs of senior retirement living and long term care.
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