Proper planning can reduce stress for you and for your loved ones. We help families and business owners prepare for living too long and for dying to soon.
Living too long can be a huge financial burden but there are options to leverage your dollars today so you can take care of yourself later.
What if you couldn’t dress or bathe yourself?
Four myths that may stop you from planning for long term care expenses:
1. It won’t happen to me!
- Reality is 70% of all individuals turning 65 will need some form of long term care during their lifetime
- Reality is that Medicare only covers a portion of skilled nursing costs up to 100 days. Medicaid is only available for those with limited income/assets
- Reality is that the average cost of care in a nursing home is over $97k. This will deplete savings and assets very rapidly
- Women caring for ill parents are twice as likely as non caregivers to experience depression or anxiety. The overall cost to a female caregiver is estimated at almost $325,000 because of lost wages and diminished working hours
Dying too young can also be a financial burden for families and business owners. If you weren’t here today, how would that affect your loved ones or your employees. Who would educate your children and how would they pay the mortgage without your income.
Even if you have life insurance it is important to review your policies to review beneficiaries, coverage and pricing. Consider the importance of estate or legacy planning as well as charitable giving in addition to family protection.
The most important part of this equation is openly communicating your needs and desires and sharing them with those you love.
Dina Mabry is a founding principal at BGA Premier Insurance Solutions, Inc. in Westlake Village. Dina and her team offer solutions for long term care, life insurance and disability insurance. She offers complementary reviews of your current policies.