Long-term care involves non-medical assistance with basic daily activities, including dressing, eating, and toileting. Whether you receive service at home or in a facility, long-term care can be expensive. Since private health plans and Medicare typically don’t offer coverage, you’ll be personally financially responsible. An exception is if you qualify for Medicaid, it can help cover long-term care costs.

Long-term care insurance is a popular way to help cover future care, whether a standalone or hybrid policy. Applying for insurance when you’re younger can improve your chances of qualifying for coverage. Or, if you’ve been a diligent saver, you may choose to set aside funds specifically for these expenses. You can also create an irrevocable trust with a five-year establishment period.

At Johnson Brunetti, we can help you develop a long-term care planning strategy tailored to your financial situation. We’ll discuss your potential care needs including your preferred locations and caregivers. We might also suggest having open conversations with your family members about the financial and emotional implications at play.

Our recommendations can include self-funding your care, purchasing insurance coverage, or establishing a trust to protect your assets. We’ll be there every step of the way as we navigate your various investment and insurance coverage options.

Having a long-term care plan is crucial to protecting your assets, legacy, and family’s financial security and lifestyle. Acting now can expand your planning options and help you address potential financial challenges proactively.