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Long-Term Care Strategies

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Reaching retirement age should be a happy milestone. You are free from the daily grind and can focus on the things that you really want to do.

Once you are no longer tied to a desk or a 40-hour week, you can spend more time with the grandchildren, travel, garden, skydive or binge watch Netflix on a weekday.

Your happy retirement does require smart financial planning that begins long before you actually stop working. While you are planning for this bright future, don't forget to consider long-term care plans, a less pleasant but absolutely necessary consideration.

Long-Term Health Costs

People are living longer and often outlive their ability to care for themselves. Chances are that you and/or your partner will need long-term care at some point, since 70 percent of those 65 or over do. The price of this care is prohibitive. In 2017, the cost of a private nursing home room was $97,455 annually. A semi-private room was $85,775. These costs rose 5.5 percent since 2016 and 50 percent since 2004.

Costs are rising even more quickly for home health care, with the median cost hitting $49,192 a year for approximately 44 hours of care a week.

Paying for Care

Unless you have hefty savings, paying for this type of care out of pocket may be impossible. Medicare pays for short stays in a nursing home for rehabilitation purposes, but it does not pay for long-term stays. Medicare also does not pay for a long-term home health care aide.

Medicaid will pay for nursing home care but only after most of your savings and assets are gone. A couple can only keep approximately $3,000 of property/cash and receive Medicaid benefits. Fortunately, you can take certain steps to protect your finances in case you do need long-term care.

Financial Options

You should consider taking out a long-term care insurance policy. These policies can be costly, but they will cover much of your nursing home bill until you reach the maximum payout.

By investing in this coverage, you can protect yourself and your assets, meaning you may be able to leave your children and grandchildren their inheritance and still receive the care you need. If you are already in poor health or using an in-home health aide, insurance companies are unlikely to sell you this coverage. You need to take out a policy well before you will need it.

Consult with a financial planner for ways to protect your assets as you age. For instance, you can transfer your real estate to a child while still retaining the right to live in your home.

As long as this transfer happens five years before you enter a nursing home, your property won't have to be sold to cover your bills. A lawyer can put your assets into various trusts that will also protect you financially if you have to enter a nursing home. Again, to be safe, you need to take these measures before your health deteriorates.

Planning for long-term care will help you better enjoy your retirement. You and your partner will not have to worry about losing everything when your health falters. You can fearlessly follow your retirement dreams and savor every minute of your freedom, knowing that you are fully protected in your later years.


To schedule a time to discuss your financial future for that abundant retirement you want and deserve, contact us today or call us at 614.545.0277 today!

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Your investment advisor is not permitted to offer, and no statement contained herein shall constitute tax or legal advice. You should consult a legal or tax professional on any such matters.

All written content on this site is for information purposes only. Opinions expressed herein are solely those of ROSS WEALTH ADVISORS and our editorial staff. Material presented is believed to be from reliable sources; however, we make no representations as to its accuracy or completeness.
All information and ideas should be discussed in detail with your individual adviser prior to implementation. Fee-based financial planning and investment advisory services are offered by TOUNJIAN ADVISORY GROUP, LLC, a Registered Investment Advisor in the State of Florida. Insurance products and services are offered through ROSS WEALTH ADVISORS, and TOUNJIAN ADVISORY GROUP, LLC are unaffiliated companies. The presence of this web site shall in no way be construed or interpreted as a solicitation to sell or offer to sell investment advisory services to any residents of any State other than the State of Ohio or where otherwise legally permitted.

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