Advance Health Care and Long-Term Care Planning - Financial Services from Lundervold Financial

Does your retirement strategy account for today’s high-cost health care world? How much will long-term health care will cost you and your family as you age? If you are married, are you prepared for double the amount? Will Medicare and your major medical insurance policies cover these expenses? Are you prepared for medical emergencies?

You may want to consider planning ahead for these potential expenses because:

  • 70% of people age 65 and older are estimated to need some type of long-term care
  • Women typically need care longer, because they often live longer
  • 20% of 65 year olds are expected to need long-term care for longer than five years*

*Source: Administration on Aging

Lundervold Financial will help you create a plan that will help protect you against increasing health care costs, including:

  • All aspects of Medicare A, B and D
  • Options for long-term care planning

Prefer to talk to someone at Lundervold Financial about long-term care planning?

What Does Advance Health Care Planning Include?

Advance care planning encompasses a wide range of considerations, including making sure that you have people designated who can make decisions on your behalf, should you become unable to, as well as ensuring you have the funds to pay for your medical care.

Long-term care planning is part of advance care planning; specifically, it deals with covering expenses should you or your spouse need medical care over a longer period of time, such as at-home health aides, assisted living or nursing homes.

There are three important people you’ll want on your team advance health care plan team:

  • Your legal advisor: We at Lundervold Financial are not legal experts, but we can refer you to excellent attorneys who specialize in creating health care directives, including your medical power of attorney. Your attorney will ensure you have the right documents in place so your family, friends and healthcare providers understand your choices.
  • Your accountant: Your certified public accountant can advise you on your income and tax situation to help ensure you structure your finances so you can minimize taxes owed and maximize deductions.
  • Your financial advisor (that’s us): We are here to help you plan for your future and retirement. Our role in your long-term care plan is to ensure you have a diverse portfolio that protects your assets to help you meet your goals in retirement and enjoy life.

Ready to get started on your retirement plan?

Cost of Long-Term Care

You’ll find many retirement calculators and long-term care estimation tools as you search for the right options for your retirement plan. However, we believe that the best way to plan for retirement is to meet with a financial advisor. We take time to get to know you and understand your goals. We don’t rely on one-size-fits-all financial formulas to help you make sound decisions.

Alternatives to Long-Term Care Insurance

The longer you live, the more your health care costs are likely to increase. If only we knew how long we’d live, then we could plan for certainty!

Are there alternatives to purchasing long-term care insurance? Sure, and we can go over those with you when we meet for your initial assessment. During this initial meeting, we’ll take a look at your portfolio and discuss your financial goals, anticipated financial needs, and what you want your retirement to look like.

Some of the tools that financial planners, accountants and attorneys may recommend in place of or in addition to long-term care insurance include:

  • Annuities
  • Life insurance living benefits
  • Life insurance with optional LTC riders
  • Short-term care insurance
  • Health savings accounts
  • Reverse mortgages*

*One of our goals in helping you plan for retirement is to minimize debt you incur, to help you live comfortably and enjoy your retirement; we view reverse mortgages as a last resort.

Life insurance can help your beneficiaries avoid financial hardships after you pass away. The general rule is to seek coverage that is equal to approximately five to seven times your gross annual income, and we can discuss what makes sense for you when we meet.

How much long-term care insurance do you need?

Learn More About Lundervold Financial’s Blueprint for Financial Clarity™

  • When do you want to retire? What do you want your retirement to look like? What sources of income will you have? What expenses will you have? Will you have debt?
    Read More

  • Where is your money invested now? What is your tolerance for risk? How hands-on do you want to be with investment management? How liquid will your investments be?
    Read More

  • Are there tax breaks and deductions that you can take advantage of as you age and approach retirement? Once you retire, are there tax benefits you need to know about?
    Read More

  • What insurance policies do you have in place for long-term medical care, and are there others that you might consider? Do you have an advance care plan?
    Read More

  • Do you have an estate plan*? Do you need us to introduce you to an estate planner and work with them to help you maximize your income during retirement and for your beneficiaries?
    Read More

*Lundervold Financial does not provide tax or estate planning, but we are part of our clients’ estate planning team. If you are looking for an estate planner, we can refer you to professionals who provide the following services: trusts, probate, charitable giving, estate planning, and tax planning.

Contact Lundervold Financial

Feel free to reach out to us at Lundervold Financial for more information about how we help our clients prepare for retirement and their long-term health care needs. Review our calendar of events for upcoming financial and retirement planning seminars.

Or give us a call at 651.209.1906