SUBSCRIBE
Enter your Name and Email address to get
the newsletter delivered to your inbox.
Please include name of person that directed you to my online newsletter so I can thank them personally.
Joe Jaspers, CFP®
Vice President, Wealth Management
Carolinas Telco Capital Advisors
Located at Carolinas Telco FCU
9813 South Blvd, Suite 101
Charlotte, NC 28273
Phone: 704-391-5600
Toll Free: 800-622-5305, ext. 2608
Fax: 704-556-1652
Email: joe.jaspers@lpl.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. 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. Are you concerned about becoming a burden to family members? Maybe you want to feel comforted knowing you have the coverage, if needed.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
CONTACT US
Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Carolinas Telco FCU and Carolinas Telco Capital Advisors are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Carolinas Telco Capital Advisors, and may also be employees of Carolinas Telco FCU. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of, Carolinas Telco FCU or Carolinas Telco Capital Advisors. Securities and insurance offered through LPL or its affiliates are:
The sender and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.