Long-Term Care Strategies
Who will take care of you if you are unable to care for yourself?
As the oldest baby boomers wind through their 70s, one of the biggest concerns may not be outliving income, but outliving good health. With in-home care, such as homemaker services and home health aides, costing an average of $5,717 per month and $6,292 per month, respectively, and assisted living averaging $5,350 per month,1 it's understandably daunting. Does your retirement income strategy account for this kind of possibility? Would you be prepared for twice that amount as a married couple?
Considering that you could have to reduce your financial means before Medicaid will pay for long-term care and neither your employer group health insurance nor major medical insurance will cover long-term care, you may want to consider planning ahead for these potential expenses.
We can help evaluate your situation and determine what kinds of products could fit into a comprehensive long-term care strategy, one that is suited to your needs and circumstances.
1Genworth. March 12, 2024. "Genworth Releases Cost of Care Survey Results for 2023: Twenty Years of Tracking Long-Term Care Costs." https://investor.genworth.com/news-events/press-releases/detail/972/genworth-releases-cost-of-care-survey-results-for-2023. Accessed Aug. 2, 2024.
Insurance products are offered through the insurance business Flora & DiPaula Wealth Partners, Inc. Flora & DiPaula Wealth Partners, Inc. is also an Investment Advisory practice that offers products and services through AE Wealth Management, LLC (AEWM), a Registered Investment Advisor. AEWM does not offer insurance products. The insurance products offered by Flora & DiPaula Wealth Partners, Inc. are not subject to investment Advisor requirements.
Have Questions for Flora & DiPaula Wealth Partners?
It can be difficult to make financial decisions without access to information. If you have questions or concerns about your current retirement strategy, feel free to contact us using the form below.
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