Tips for Planning Your Long-Term Care

Long-term care encompasses a wide array of services that are carried out to benefit individuals who suffer from disabilities or debilitating medical conditions. On the other hand, long-term care planning helps you make sure that you or your loved ones will be fully taken care of when you won’t be able to take care of yourselves.

For this reason, it’s essential to set up a financial plan for your long-term care before you need it. Failing to do so can have a significant impact on your finances and health. The good news is, you can count on financial advisors from the best investment firms in New York to help you plan for your long-term care needs.

Tips for Planning Your Long-Term Care

Set Aside Some Money for Future Long-Term Care

Statistics show that a 2 to 3-year stay in a care home is about $240,000. For this reason, it’s best to start setting aside some savings to cover this cost. While it’s certainly important to plan for your retirement, it’s also wise to consider the cost of potential care and plan for it.

Think About Long-Term Care Insurance

In case you’re wondering, long-term care insurance refers to insurance that protects you against the costs of long-term care. If you purchase this earlier, you’ll pay less for it. Most financial experts suggest that individuals in their mid-50s should start exploring this type of coverage.


Consult with a Financial Expert from the Best Investment Firms in New York!

Since the cost of long-term care varies according to location and the services you may require, it’s best to consult with a trusted financial advisor to plan for it. Get in touch with the experts at 1879 Advisors to request an appointment today!

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