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Why Should I Care About Long Term Care?

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As our retiree clients start to age, one question is always on their mind, healthcare! They are concerned about costs, exposure, and need. When discussing retiree healthcare concerns with our clients, there is one area that always comes up, Long Term Care needs. This becomes a concern for many as this exposure isn’t covered under health and Medicare insurances. Because of this insurance gap it leaves retirees unprotected from what could be costly financially and emotionally.

That said let’s take a deeper dive into the esoteric world of long term care. Figured what better spot to start than a brief explanation. According to LongTermCare.gov, LTC is a range of services and supports you may need to meet your personal care needs. “Most long-term care is not medical care, but rather help with the basic personal tasks of everyday life, sometimes called Activities of Daily Living (ADLs).” There are generally six ADLs that are referred to in determining ones need for long term care assistance. They are:

What is Long Term Care:

1. Eating

2. Dressing

3. Transferring

4. Bathing

5. Using a toilet

6. Caring for incontinence

These will be important as we discuss the potential need for long term care insurance.

Probability of needing LTC:

What is the threat of you actually needing long term care? This is the natural question we must answer as we determine our exposure. With the increasing advancements of medicine the statistics are quite staggering. The lifetime chance of needing some assistance if you are age 65 is 79% if you are a female, and 58% chance if you are a male! Scary right? Even scarier if you are a female since men have a higher probability of passing away of something sudden like a heart attack. I can tell you of my 4 grandparents all of them needed long term care needs in their lifetime. Naturally the longer you live the higher the probability you’ll need this care.

Andrew Rosen

In his role as Financial Planner, Andrew forges lifelong relationships with clients. He coaches them through all stages of life and guides them to better achieve their life goals. To set up an appointment with Andrew, or any of our qualified financial advisors, contact us at clientservices@diversifiedllc.com or call 302-765-3500.

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Diversified, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Registration of an investment adviser does not imply any specific level of skill or training and does not constitute an endorsement of the firm by the SEC. Diversified only transacts business in states in which it is properly registered or is excluded or exempted from registration.  A copy of Diversified’s current written disclosure brochure which discusses, among other things, the firm’s business practices, services and fees, is available through the SEC’s website at: www.adviserinfo.sec.gov. Diversified does not provide tax or legal advice and individuals should seek the advice of their own tax or legal advisors for specific information regarding their situations. Investments in securities involve risk, including the possible loss of principal. The information on this website is not a recommendation nor an offer to sell (or solicitation of an offer to buy) securities in the United States or in any other jurisdiction.

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