All About Long-Term Care

By Lis McNealey Spaine, CDFA®
Owner, Financial Advisor

All about long-term care

By Lis McNealey Spaine, CDFA®
Owner, Financial Advisor

As we celebrate the month of love, I always revisit the topic of long-term care with my clients. Whether it is encouraging a parent to make decisions or developing a plan for yourself, this is one task that is not always enjoyable but I believe it is necessary and should at least be discussed.

The sooner you plan, the easier it can be to prepare your financial assets and potentially take the financial burden off of your family should you need long-term care. Here are some facts about long-term care so that you can be informed.

It is likely that you'll need long-term care
In today's society we have all become experts at living in the moment, so it is hard to imagine a time when we will need assistance with our daily activities. However, according to longtermcare.gov, "most people turning age 65 can expect to use some form of long-term care during their lives."

Long-term care is more than medical care
Long-term care can include nursing home healthcare but it also includes services to meet your daily needs while you are living at your personal residence. This type of care offers assitance with bathing, dressing and using the bathroom. It can be extended to include household tasks, grocery shopping and more.

Women are at higher risk for needing long-term care
As women, our life expectancy is longer than men, so we are more at risk of needing long-term care in our later years than men.

Committing to a plan now may help you save
Today’s cost of care can range from an average of $4,500 (in-home care) to $8,200 (nursing facility) per month. This estimate is for Columbus, Ohio, and can range from state to state. Committing to a long-term care insurance plan early can often be a wise financial move should care be needed at a later date.

What questions do you have about long-term care insurance? Our team is here to help you navigate what is right for your personal financial position. Schedule a call or meeting with us today to discuss.

Lis McNealey Spaine is owner of The Arlington Group Investment Consulting. A true leader in the female focused financial advisory niche, Lis builds upon the group’s strong foundation and core offerings to drive growth and champion the group as an emerging advisory company in the divorce, widowed and life transition niches. As a previous divorcee and mom to three wonderful daughters, Lis understands firsthand the importance of financial confidence.

Insurance products are offered through nonbank insurance agency affiliates of Wells Fargo & Company and are underwritten by unaffiliated insurance companies.
Sources:
https://longtermcare.acl.gov/the-basics/what-is-long-term-care.html
https://www.genworth.com/aging-and-you/finances/cost-of-care.html
The use of the CDFA® designation does not permit Wells Fargo Advisors or its Financial Advisors to provide legal advice, nor is it meant to imply that the firm or its associates are acting as experts in this field. Investment products and services are offered through Wells Fargo Advisors Financial Network, LLC (WFAFN), Member SIPC. The Arlington Group Investment Consulting, LLC is a separate entity from WFAFN.