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Beth A. Botti, CFP®, ChFC, CLU, CDFA™
Financial Consultant
California Insurance License #0G24537
612 Wheelers Farms Road, Milford, CT 06460
Phone: 203-877-6556 Ext. 169
Fax: 203-301-0736
Email: beth.botti@equitable.com
November/December 2020
The Need for Long-term Care
Everyone values their independence, but sadly, as we get older or experience medical setbacks, we may need help with daily living tasks. According to the Department of Health, 7 out of 10 people turning 65 today will need long-term care during their lifetime and 20% of those will need care for five years or longer.*
Long-term Care Costs
The high cost of long-term care can deplete most people’s savings quickly. According to LongTermCare.gov, the nationwide median cost of a semi-private room in a skilled nursing facility is $7,698 per month, totaling $92,376 per year. This cost is not covered under private medical or disability insurance or even Medicare. Medicaid provides some benefits, but only after your assets are spent down to poverty levels.Long-term Care Insurance
For those who are concerned about these statistics, there may be a place to turn for some help. Long-term care insurance policies are available to help cover the cost of care. Policies vary greatly, offering different benefits and prices. Some examples of the type of care these policies can help cover include: in-home help, adult day care, assisted living or nursing home facilities and even in-home safety modifications.Is it for You?
Many factors play into the decision to buy a long-term care policy. First thing to consider is your financial situation. Do you have the resources to pay for long-term care? Or, maybe you want coverage to help you to be able to preserve your assets for your spouse or as an inheritance for loved ones.There are emotional reasons to consider coverage, too. For example, many feel comforted knowing they have the coverage, if needed. Others are concerned about becoming a burden to their family members.
Get Educated
Whatever your reasons for seeking information about long-term care coverage, an insurance professional who is familiar with elder care or long-term care planning will be able to explain the options and various benefits available.Premiums increase significantly with age and you will have to health-qualify, so don’t wait too long to decide.
*https://longtermcare.acl.gov/the-basics/how-much-care-will-you-need.html
GE-3144808(7/20)(Exp.7/22)
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Duly registered and licensed financial professionals offer securities through Equitable Advisors, LLC (NY, NY 212-314-4600), member FINRA,SIPC (Equitable Financial Advisors in MI & TN), offer investment advisory products and services through Equitable Advisors, LLC, an SEC-registered investment advisor, and offer annuity and insurance products through Equitable Network, LLC (Equitable Network Insurance Agency of Utah, LLC in UT; Equitable Network of Puerto Rico, Inc.). Equal Opportunity Employer - M/F/D/V. Equitable Advisors and its associates and affiliates do not provide tax, accounting, or legal advice or services. Representatives may transact business, which includes offering products and services and/or responding to inquiries, only in state(s) in which they are properly registered and/or licensed. Your connection to this website does not necessarily indicate that the sender is able to transact business in your state. The information in this website is not investment or securities advice and does not constitute an offer. For more information about Equitable Advisors, LLC you may visit https://equitable.com/crs to review the firm's Relationship Summary for Retail Investors and General Conflicts of Interest Disclosure.
GE-6572038.1 (4/24)(Exp. 4/26)
CFP®, and CERTIFIED FINANCIAL PLANNER™ are certification marks owned by the Certified Financial Planner Board of Standards, Inc. These marks are awarded to individuals who successfully complete the CFP Board's initial and ongoing certification requirements.
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