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Should You Plan for Long-Term Care?

Long Term Care

At Cypress Wealth Services our goal is to help you thrive in Your Second Growth. A large part of that commitment is helping clients proactively address conversations that may be uncomfortable, but are a necessity to the success of their retirement plan. This month’s newsletter addresses the topic of long-term care. Many people think the phrase “long-term care” is about an insurance policy. While insurance may be part of your strategy, long-term care encompasses everything from your service and support needs/options to family and financial dynamics. Below we highlight articles and tools for helping you understand the topic and begin thinking through the best plan for you.


Long-Term Care- The Basics

This Administration on Aging’s website is a great place to start your education. This site covers the basics of understanding what you need to know about long-term care. Understanding the misconceptions and most common misunderstandings about what Medicare and health insurance covers are what we recommend you review first.  To view this site, please click here.


What is the Cost of Care?

If you have ever had a family member with a long-term care need, you may fully understand the myriad of choice and costs associated with that care. If you have never had to deal with a long-term care need, you may not know what it costs and how it varies. This Genworth site provides a breakdown of cost by state and type of care. It also provides the cost in today’s dollars and what they project costs to be in the future. To view the site, please click here.


Understanding Your Options

Making an educated decision about how you will address potential cost of care is part of the planning process. This piece outlines the four options for paying for care. We outline self-insurance and provide simple high-level explanations of other insurance options. In many cases the best approach may be a combination of these ideas. To view the piece, please click here.


Be Proactive

In our experience most people want to take the “wait and see” approach to the long-term care discussion. We believe proper planning gives you the most control, choice, and flexibility. We encourage you to take the time to discuss your needs so we can build the right plan for you.


Have questions? Please contact us at 760.834.7250 to start the process.