I spend a lot of time planning for the “what if” with clients.
“What if” the market has an 08-like correction?
“What if” I want to retire at 65?
“What if” my child gets into their dream school?
“What if” I die tomorrow?
The one “what if” that I find many prospects ignoring is the what if I need long term care. We all know that health care costs and insurance are increasing at a quicker pace than inflation. Let’s take a quick look at the estimated costs of a nursing home facility. According to Genworth Financial In North Carolina the median cost for a private room in 2014 is $82,125 for a year. At a 3% inflation rate that number will be approximately $148,300 in 2034. That’s the median! WOW!
What if you or a loved one needs to move into a nursing home or other assisted living facility? How will you pay for it? Have you planned for this “what if”?
Long term care insurance may not be the solution for everyone but this is a “what if” that everyone can benefit from looking at.
We are here to help you review your options. Call and schedule a time to discuss your “what if” strategies.
Another Thought from the Factory on Main
Best Wishes
Peter Huminski
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.