PRLog - Aug. 19, 2014 - The other day my wife and i were talking about a family vacation we took to Hawaii last year. While she was talking I couldn’t help, but think about how I had got hit by a wave when I wasn’t paying close attention. After the wave knocked me over I said “it didn’t look that big” and in actuality it wasn’t that big at a distance. Once the wave was about to hit “it was huge”!
This is how many people look at retirement, Long-term Healthcare and estate planning. They look at all these things off at the distance, but don’t see the consequence until it is towering over them just about to crash. With one of the largest generations (Boomers) of retirees this nation has seen, their also a very unprepared generation when it comes to planning with long term healthcare. With many people living longer these days long-term healthcare has moved from the distance and has become a huge concern among most people looking to retire. Understanding that this is the biggest concerns for this generation there are three things that you must know when it comes to your long-term healthcare.
Know what you have?
When looking into long-term health care look at what you have when it comes to asset and income knowing this will help you understand what you might want to do in terms of planning for your Long-Term healthcare . Three of the most common ways that people fund long term health care is Medi-caid, self-Insure and Insurance plans. Understanding what you have will better help you when It comes to making a decision on how you will fund your long-term Healthcare .
Living Benefit
The common misconception with long term Health care is that most people believe that is only for when you are about to die or you are terminally ill. The truth is that long term healthcare is for when one is still living but unable to do what is called activities of daily living (known as ADLs), which include the following: bathing, dressing , transferring , continence, eating and toileting. These things could have occurred because of a fall or just because of age. It does not mean that you are dying it means you might need help in order to do certain functions you no longer can do . This is important to understand because misunderstanding what long term care is could cost you in the future.
Not all Long-term Healthcare Insurance plans are the same
When Looking at a long term health care insurance beware of people out there that will say the words “basic” or “common” or imply that all plans are pretty much alike .This couldn’t be more far from the truth . The reason being is that everybody is different their goals, needs and health are all very different and as such each individual policy must be made to accommodate those needs. Instead of a 60 months of coverage you might want the policy for the rest of your life. You might want a plan that just allows the basic care you will need. You might want to live at home and have the services come to you either way understanding that there is no cookie cutter plan out there is very important.
Josh is frequently seen in FOX, ABC, The Chicago Chronicle, and CBS Money Watch. In his years as a California Insurance Agent, Joshua has seen the lifelong impact of retirement preparation – or lack of preparation—every day. Commenting on his career, Joshua says, “I feel blessed to have helped so many people prepare for the day when they don’t have to work any longer. As well as helping those in retirement keep it that way.” You can find more about Josh at www.aaronmatthewsfinancial.com.
Ca Ins Lic #0H14287
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Three things you might not know! That you must know when it comes to Long term HealthCare
August 19, 2014 at 14:56 PM EDT
