Have you completed the plan?

It probably won't happen, but if it does...

1. Who will take care of me?
2. How much will it cost?
3. How will I pay for it?
4. Will there be enough left over for my spouse, my family?
5. What are my options?

I present these questions to you to think about as part of your financial planning. You have done a good job of saving. You have maintained a balanced investment portfolio that addresses your risk level and return expectations. Along the way, you have managed to keep your taxes low by investing in IRAs, 401(k) plans, and municipal bonds. You have made it, that is, if you have answered the questions above.

Consider the cost of a stay at nursing home facilities in our area:

The Baptist Home, Rhinebeck: $340 per day, $124,100 annually

Ten Broeck Commons, Lake Katrine: $292 per day, $106,580 annually

Never going to go into a nursing home? Who will get the lucky job of caring for you in your home? Your spouse? Your children? Your best friend? Your dog?  

The Deficit Reduction Act of 2005 places severe new restrictions on the ability of the elderly to transfer assets before qualifying for Medicaid coverage of nursing home care.There is no magic wand that can be waved if and when it does happen to you, so plan ahead!

New York nursing facilities are among the most expensive in the country. Fortunately, New York is one of the few states to offer a Long-Term Care Partnership with several major insurance companies, providing a cost effective solution to the problem. With the partnership plan, you, the insurance company, and Medicaid work together to provide coverage that protects your assets.These plans pay for care received in your home, Assisted Care Facilities, and in Nursing Facilities.

By clicking on the link below, you will have access to one of the most important websites you and your family may ever visit!

www.nyspltc.org

Also see the link on the “Articles” page of this site to read:

Questions on LTC, 04/14/05

Alternatives to LTC, 03/16/05

As your advisor, I felt it important to take extra training in the complexities of Long Term Care Insurance and am certified as a specialist in this area. In addition, I am certified by the NYS Department of Health to offer plans through the NYS Partnership for Long-Term Care. Through my affiliation with Commonwealth Financial Network I offer the product of several major insurance companies, including Genworth, John Hancock and MetLife.