Welcome to LTC Planning Partners

Welcome to LTC Planning Partners.com! Our primary purpose and mission is to provide you with educational information and insights about planning for long-term care issues/costs. We offer different long-term care insurance risk-management solutions that can help you pay for future long-term care costs and protect your retirement funds. In the end, once you understand the potential costs of long-term care, it’s about knowing your options and implementing a plan. Having a plan will bring with it peace of mind that you’ve addressed a very important aspect of your financial future.

We have a lot of consumer-friendly information, including short videos, on our website and we will continue to expand our content offerings so that people can acquire more knowledge about long term care issues and what different solutions are available.

As the motto of one prominent website says…”Life Happens”. It’s easier to procrastinate about planning for long-term care expenses, but the cost of waiting can be devastating. And frankly the older we get, the more likely we are to have a significant medical event that can be a “game changer.” For my family personally, such an event occurred recently. Fortunately, a long-term care insurance policy will help us pay for future long-term care expenses.  

Why is it so important to plan for long-term care?

No one expects to need long-term care, but it’s important to plan for it nonetheless. Here are two important reasons why:

The odds of needing long-term care are high:

  • Approximately 70% of people will need long-term care at some point during their lifetimes after reaching age 65*
  • Approximately 8% of people between ages 40 and 50 will have a disability that may require long-term care services*

The cost of long-term care can be expensive:

For many, the cost of long-term care can be expensive, consuming income and depleting savings.

Some of the average costs in the United States for long-term care* include:

  • $6,235 per month, or $74,820 per year for a semi-private room in a nursing home
  • $6,965 per month, or $83,580 per year for a private room in a nursing home
  • $3,293 per month for a one-bedroom unit in an assisted living facility
  • $21 per hour for a home health aide

*U.S. Department of Health and Human Services, December 1, 2014

Long-term care insurance protects you against the financial risk of having long-term care expenses that will cost more than you can afford. In return for your premium payments, the insurance company promises to cover part of your future long-term care costs. In effect, think of shifting some of the risk of long-term care expenses to the insurance company for a discounted premium(s). There are different types of long-term care insurance policies and lot of ways to design the right coverage for you.

The cost of a long-term care policy depends primarily on your age (in general, the younger you are when you purchase a policy, the lower your premium will be), but it also depends on the benefits you choose. There are also different types of policies from traditional long-term care policies, hybrid policies that may combine elements of life insurance or an annuity, or life insurance policies with long-term care riders.

Choosing the right policy involves a number of factors. It is very important that you work with a qualified LTCi advisor to design the proper policy for you.

As a risk management tool, long-term care insurance can help you preserve your assets and guarantee that you’ll have access to a range of care options. Before you purchase a policy, it’s important that you feel comfortable that you can afford the premiums both now and in the future.

We feel very strongly that our purpose and mission going forward is to share with others the need to plan now for the future. Understand the issues and the solutions…and there ARE solutions.

Please contact us if you would like to discuss your own personal situation. We are NOT your typical salespeople just looking for a sale. We are dedicated to building a long-term relationship with our clients while helping them secure their futures.

Look forward to many more blogs on this important topic.

As an independent LTCi Advisor, my goal is to provide unbiased advice and help educate you on the various options available to you when planning for Long Term Care.

Scott F. Coomes, J.D., CFP®, CLU®, ChFC®

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