By Kevin Flesch
The adage “If you want something done right, do it yourself” holds true in specific situations. And when it comes to long-term financial planning, relying solely on family or federal programs like Medicaid and Social Security might leave you exposed to gaps in coverage and inadequate funds for long-term healthcare. We believe effective planning is crucial to build comfort and stability in later years, both physically and emotionally.
Have you thought about your long-term care strategy? Many people overlook this critical aspect and find themselves in less-than-ideal situations later on. Don’t leave your legacy and well-being to chance—take control and start planning now to receive the care you deserve.
What Is Long-Term Care?
Long-term care refers to the kind of support you may need if you’re unable to do daily tasks on your own, such as eating, bathing, getting dressed, or using the bathroom. The goal of long-term care is to help you continue living comfortably as you age. It’s worth knowing that Medicare, Medicare supplement plans, and most employer health insurance plans don’t usually cover these services.
The need for long-term care can come from situations like accidents, illness, aging, strokes, or ongoing health issues. Cognitive disorders, such as dementia and Alzheimer’s, are becoming more common. Right now, about 6.9 million Americans have Alzheimer’s, and that number is steadily increasing—expected to double by 2050. On average, someone diagnosed with Alzheimer’s may live another 8 to 10 years, often needing long-term care during that time.
The Costs of Long-Term Care
Statistics project that the number of people 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 reach 27 million people by 2050. In fact, the national average costs for long-term care in the United States comes in at a whopping $330 a day, or $10,025 per month, for a private room in a nursing home. With a price tag that high, we believe it is imperative that you weigh your options for buying long-term care insurance, because if you decide you want it, the best time to buy is between ages 50 and 60. At age 65, the cost goes up.
What Type of Care Do You Prefer?
If you have early signs of Alzheimer’s or dementia, or if you suffer from a chronic disease that will require ongoing care or daily assistance, do your homework; research facilities that offer the care you’ll need, and share your preferences with your family. Would you prefer to live in a nursing home or would you prefer nurses and assistants come to your residence? Do you prefer a religious community of care? There are several preferences to take into consideration when considering your long-term care plan.
Having the option to make these choices yourself lends much-needed autonomy to your long-term care plan. If you wait until you need it, you may not be in good-enough health to make the decision. Of course, your preferences will need to be flexible based on your health and finances, so discuss those options with family members as well. Regardless of where you are in life and the financial obstacles you face, our comprehensive financial planning services at Millstone Financial Group will guide you toward a more stable future.
Update Your Will
Speaking of wishes, an important part of your care plan is to ensure you have an updated will and advance directives, signed and notarized as required by your state. This legal protection ensures that your wishes are carried out. Sit down with family members and share your wishes with them so they’ll be aware of your preferences and needs.
Take Action Today
We believe planning for long-term healthcare costs is just as important as planning for retirement, and both are crucial to maintaining your lifestyle and well-being as you age. At Millstone Financial Group, we understand that the complexities of financial planning can be overwhelming, but you don’t have to navigate them alone. Our experienced professionals are here to provide the guidance you need to craft a personalized plan that addresses both your retirement and healthcare needs.
We believe that long-term care and legacy planning is about what you want to safeguard and pass on to the next generation. It serves as a compass, giving your loved ones direction and the fair wind they need to chart their course.
We invite you to take the first step toward greater confidence and future financial stability. Contact us today and schedule a complimentary consultation by calling (732) 385-8544 or emailing [email protected] and start planning for a more successful tomorrow.
About Kevin
Kevin Flesch is an experienced Financial Advisor at Millstone Financial Group, specializing in retirement planning and investment management. A Rider University graduate in Finance, Kevin utilized the Post-9/11 GI Bill after his honorable discharge from the United States Navy. His military service included a five-year tenure in Jacksonville, FL, during which he was deployed for nine months to patrol the Persian Gulf, gaining invaluable experience in diverse financial landscapes.
Kevin’s financial career began at Merrill Lynch, where he served as a Financial Solutions Advisor for seven years. There, he excelled in providing tailored financial advice, creating sophisticated brokerage and retirement portfolios, and becoming a trusted resource for optimizing 401(k) plans.
Driven by a passion for helping clients secure their financial futures, Kevin now focuses on managing IRAs and 401(k) accounts, as well as retirement strategies and wealth management services at Millstone Financial Group. His unwavering commitment to his clients ensures his continued use of dynamic strategies that align with their unique financial goals.
Outside work, Kevin enjoys spending time with his partner, Amanda, and their daughters, Kiley and Savannah. An avid sports enthusiast, he loves cheering on his favorite teams and engaging in friendly competition on the golf course, baseball diamond, or basketball court. To learn more about Kevin, connect with him on LinkedIn.
Advisory services are offered through Millstone Financial Group Limited Liability Company, a Registered Investment Advisor in the State of New Jersey. Insurance products and services are offered through Millstone Financial Group Limited Liability Company.
All material discussed is for informational purposes only. Opinions expressed are solely those of Millstone Financial Group Limited Liability Company and staff. All topics covered are believed to be from reliable sources; however, Millstone Financial Group Limited Liability Company makes no representations as to its accuracy or completeness. Investing involves risk including the loss of principle.
This article shall in no way be construed as a solicitation to sell securities or investment advisory services to residents of any state other than New Jersey, or where otherwise permitted. All information and ideas should be discussed in detail with your individual adviser prior to implementation.
This material is intended to provide general financial education and is not written or intended as tax or legal advice. Individuals are encouraged to seek advice from their own tax or legal counsel.
