David Lerner Associates - Long Term Care is Over to You

David Lerner Associates - Long Term Care is Over to You

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2015-10-06

One of the factors to consider during Long Term Care Planning month is that some states are cutting back on funding for long-term care services.] As more of the burden falls on individuals, the need for good planning is more important than ever.  Only 13 percent of Americans have long term care insurance, just a fraction of those who will need help as they grow older.

The likelihood that an older adult will need some type of long-term care is increasing.  By 2050, the number of individuals using paid long-term care services in any setting (e.g., at home, residential care such as assisted-living, or skilled nursing facilities) will likely double from the 13 million using these services in 2000, to 27 million people. 

What You Can Do

  1. Start early: Premiums for long-term care insurance are based in large part on your age and health when you buy the policy. Purchase a policy when you are younger and probably healthier.
     
  2. Get the right advice: Talk to a specialist in long-term care to determine what options fit your circumstances, and make sure to consult your retirement planning advisor too.
  3. Read all the fine print. It’s vital to know exactly what is in the policy - what it covers and when.
  4. Don't stop paying premiums.  You don’t want to have the policy lapse because you can no longer afford it. Perhaps discuss this with your adult children, and figure out if they can help you pay for this insurance.
  5. Review your policy every year. Things change – your health needs may have changed, and there may be new products or possibilities available.

IMPORTANT DISCLOSURES
Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable-- we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC
 

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About

Founded in 1976, David Lerner Associates is a privately-held broker/dealer with headquarters in Syosset, New York and branch offices in Westport, CT; Boca Raton, FL; Teaneck and Princeton, NJ; and White Plains, NY. For more information contact David Lerner Associates Call 516-921-4200 Visit our website: www.davidlerner.com

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Contact

Jake Mendlinger
Account Manager
Zimmerman/Edelson
516.829.8374 X 232
jmendlinger@zimmed.com

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