Long-Term Retirement Plans
An Income You Cannot Outlive!
Sam Cook, founder of Regency Wealth Management, has been assisting clients with their Long Term plans for retirement since 1996.
It is important to understand that Medicare does not pay for your Long Term Care on an extended basis. Medicare may pay for a limited amount of care provided by a home health agency, Rehabilitation Hospital, Skilled Nursing facility after a hospital stay of three days or more.
However, when a person needs assistance with daily activities such as bathing and dressing, long-term care is required. This can result from conditions such Parkinson’s, Stroke, Alzheimer’s, Vascular Dementia.
A person may receive their care at home, a Assisting Facility, or a Skilled Nursing Facility when the need arises. Today, the annual cost for Long Term Care ranges from $40,000 to $70,000 in Texas. Three years of care could easily cost $150,000 to $180,000.
This is why we believe you should work with a financial planner to create a plan for retirement that makes room for long-term care.
A person can chose the designate part of their own assets to pay for their potential Long Term Care need (self insurement).
You also have the opportunity to transfer part or all of your risk through insurance. There are innovative options that allow you to incorporate a Long Term Care benefit with one of your Life insurance policies. If you never use the Long Term Care benefit in the plan with Life insurance is simply paid to your beneficiaries as tax-free benefit.