Hosts Kevin Richards and Tony Shore of KNR Consulting Group explored options for covering long-term care costs on a new episode of their Smart Money podcast.
In this episode, Richards and Shore help listeners navigate their options when it comes to planning for the 'gorilla in the room', or unexpected long-term care costs.
Listen to Kevin Richards' and Tony Shore's conversation here.
It's Important to Plan Ahead: Avoiding Unexpected Long-Term Care Costs
Kevin Richards wants you to sleep better at night.
'One out of two seniors will need some form of home care or long-term care,' Richards says. 'Why not plan for it?' It's a staggering statistic, especially because this care can cost as much 120k per year.
Fortunately, Richards is eager to share his knowledge about clients' options when it comes to planning for long-term care such as home-care or assisted living. A fall or an illness down the road doesn't have to turn financially ruinous for a retiree or a spouse, he says.
Traditional Long-Term Care Insurance Vs. Newer, More Flexible Options
Richards understands why his clients have been wary of traditional long-term care insurance plans in the past. Historically, these plans require a holder to pay in with no guarantee that he or she will actually be able to use the money--for instance, the holder may not need long-term care after all or may have trouble qualifying for the funds.
That is why newer options allow holders to contribute to a plan that stays 'liquid.' The funds do grow over time, but they can also be removed when needed. Furthermore, many life insurance policies include 'riders', or features, that may give holders the option to use death benefits for long-term care if needed, Richards says.
Plan While You're Healthy
'I don't like anybody rolling the dice, especially when they're retired,' Richards says. Even though anticipating future care needs can be uncomfortable, it's important to have a plan in place.
Richards and Shore emphasize that to qualify for these safe, flexible options, one must be reasonably healthy. Learn about it now, they urge, so you don't find yourself 'one doctor's visit away' from forfeiting a path to financial security.
KNR Consulting Group is offering free consultations on long-term care plans to listeners who call the office at (949) 218 3900. You can also find more information on their website: https://www.knrconsultinggroup.com/.
Listen to KNR Consulting on the Radio AM 740 KBRITE: http://radio.financiallytuned.com/knr
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