Long-Term Care Funding

Balancing the right amount of risk to self-insure or share

Long-Term Care for One Affects All

The decisions around what to do when your spouse or loved one needs more care than you can provide are never easy. Family members often become stand-in nurses, providing informal care. There are numerous financial and personal consequences when long-term health care is needed, and they can become truly unmanageable when there is no game plan prepared in advance of the need. Clients can benefit from having a written plan for how to pay for long-term care.

Self-insurance can be mixed with risk transfer and mitigation strategies that can decrease the overall impact of long-term care expenses on a retirement income plan. This might mean mixing guaranteed income sources like Social Security & pensions with variable incomes sources and assets like dividends, interest, and retirement savings before looking to insurance coverage.

Combining non-correlated assets like emergency funds, insurance policies, and investments can improve outcomes and reduce risk. Cardinal Retirement Planning, Inc. helps clients prepare to age with security, by preparing plans that account for healthy years, impaired years, and lasting legacies for survivors and beneficiaries.

Insurance can’t solve all your problems.

Understanding the policy’s benefits, triggers, exclusions, and definitions is key to using a long-term care policy correctly.

Long-term health care, at home or in a nursing home, is associated with:

  • Loss of independence in living arrangements
  • Inability to choose how day-to-day care is provided
  • The feeling of being a burden on family members
  • Expensive fees, charges, and contracts for care

Know Your Options

Find the Funding

Make room for long-term care expenses in your financial plan.

Preparation and Protection

Want to lower your risk?