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Preparing for the unexpected: Planning for long-term care expenses

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Edward Jones - Chad Choate, AAMS

Posted on

Jul 25, 2023

Book/Edition

Florida - Sarasota, Bradenton & Charlotte Counties

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Paul Simmons, CFA, CFP®
Senior Analyst, Client Needs Research

Health care is one of the biggest expenses in retirement. Medicare may cover a large part of traditional medical expenses, but it generally doesn’t cover expenses related to long-term care, which can be substantial. That’s why it is important to plan for long-term care costs before you’ll need them.

Planning tip
While it’s never too late, it's ideal to begin planning for long-term care expenses between ages 50 and 60.

When to start planning for a long-term care need

It’s earlier than you may think! While long-term care services are typically needed later in life, it’s beneficial to start planning between the ages of 50 and 60. This is especially important if you decide insurance is an appropriate solution, because:

Your health may be better, increasing the likelihood that coverage can be obtained and that premiums are lower.
Being younger gives you more time to spread out the premiums, which also makes them lower.
You may still be working and better able to afford the premiums.

Planning early also gives you more time to discuss your care and aging preferences with your loved ones. The more proactive you are, the more options you may have and the more confident you can be that your wishes will be met.

What to consider for your care preferences

Long-term care services are broad, ranging from help with day-to-day tasks such as cleaning to more substantial supervision required for one’s health and safety. When thinking about how you’d prefer to receive care, consider what you may want and need with respect to the:

Place of care. The majority of care starts in one’s own home — whether out of preference or necessity (aaltci.org). It may also take place in facilities like rehabilitation centers, adult day cares, assisted living facilities and nursing homes. Costs vary substantially based on where care is received, as shown in the chart below.
Providers of care. The majority of care is provided by informal caregivers — family and friends (SCAN Foundation). While this may be sufficient for a period of time, informal caregiving can carry significant trade-offs for the caregiver as well as the person who needs care. Paid caregivers range from personal care and home health aides to nursing and skilled care providers.

Annual cost of long-term care options - 2021<br><br>

The annual costs of long-term care options vary. Care in an assisted living facility costs $54,000; home health aide services (assuming 44 hours per week) costs $62,000; a semi-private room in a nursing home runs $95,000; a private room in a nursing home costs $108,000.

Next steps

Once you have a sense of how you’d want to receive long-term care and how much it may cost, you’ll want to discuss the options for covering those costs. That could include self-insurance, purchasing insurance, or a combination of those two solutions. Working with a financial advisor can help you determine which long-term care insurance plan is most appropriate for you.

Source: Genworth 2021 Cost of Care Survey. Median values, rounded to the nearest thousand.

Preparing for the unexpected: Planning for long-term care expenses

To view the original version of this article visit www.edwardjones.com/us-en/market-news-insights/personal-finance/insurance-unexpected-events/planning-long-term-care
Seniors Blue Book was not involved in the creation of this content.

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Edward Jones - Chad Choate, AAMS

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Hello, I'm Chad Choate a dedicated financial advisor in Bradenton, FL, I began my career with Edward Jones in 2017. As a financial advisor, I want to find out what's important to you and help you build personalized strategies to achieve your goals. As a lifelong Manatee County resident, I graduated from the University of South Florida and was a teacher in Manatee County before joining Edward Jones. My driving force is to change people's lives in a positive way, and what better place than my home to do that. Whether you're planning for retirement, saving for college for children or grandchildren or just trying to protect the financial future of the ones you care for the most, we can work together to develop specific strategies to help you achieve your goals. We will also monitor your progress to help make sure you stay on track or determine if any adjustments need to be made. Throughout it all, we're dedicated to providing you with top-notch client service. But we're not alone. Thousands of people and advanced technology support from our office can help ensure you receive the most current and comprehensive guidance. In addition, we welcome the opportunity to work with your attorney, accountant and other trusted professionals to deliver a comprehensive strategy that leverages everyone's expertise. Working together, we can help you develop a complete, tailored strategy to help you achieve your financial goals. I currently volunteer with the Manatee Hurricane football Broadcast and Booster Club, serve on my church's trustees council and have previously served as a leader in Young Life. I am a member of the Manatee Chamber of Commerce and an alumnus of their Leadership Manatee program. I have been married to my childhood sweetheart, Ashley, for 15 years and we have a son, Wesley, and daughter, Camryn. We enjoy watching our children play their sports and traveling as a family.

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