Long Term Care
Who will care for you when you can no longer care for yourself?
As the oldest baby boomers begin to enter through their 60s, one of the biggest concerns may not be outliving income, but outliving good health
It’s important to consider how you would like to live while receiving long term care. Given the option, would you prefer to receive care at home, or in an assisted care facility, such as a nursing home?
Most people overwhelmingly state they would want to stay at home for care.
For retirees, home health care can cost $50,000 or more per year1, and nursing home care can run as high as $80,0002 per year.
Does your retirement income strategy account for this kind of possibility? Would you be prepared for twice that amount as a married couple?
Considering that you could have to reduce your financial means before Medicaid will pay for long-term care and neither your employer group health insurance nor major medical insurance will cover long-term care, you may want to consider planning ahead for these potential expenses.
We can help evaluate your situation and determine if purchasing a long-term care insurance policy may be the right move to help you feel confident in your financial future.
1 Genworth 2012 Cost of Care Survey: Home Care Providers, Adult Day Health Care Facilities, Assisted Living Facilities and Nursing Homes https://www.genworth.com/dam/Americas/US/PDFs/Consumer/corporate/coc_12.pdf
2 MetLife: The 2011 Market Survey of Long-Term Care Costs https://www.metlife.com/assets/cao/mmi/publications/studies/2011/mmi-market-survey-nursing-home-assisted-living-adult-day-services-costs.pdf
You’ve worked hard to provide for the people close to you.
Life insurance isn’t for those who have died — it's for those who are left behind. Life Insurance pays cash to your dependents when you die, helping them remain financially secure
Maybe you’ve already worked hard to establish a solid financial support system for your family through investments, home equity, a saving plan, and retirement accounts.
Life insurance can be the framework that continues to support them when you no longer can.
When shopping for life insurance, consider needs such as replacing income so your family can maintain its standard of living, as well as paying for your funeral and estate costs. A general rule is that you may want to seek coverage between five and seven times your gross annual income.
As far as the various types of policies go, they can generally be placed into one of two categories: term and permanent.
Term insurance generally provides coverage for a specified period of time and pays out a specified amount of coverage to your beneficiaries only if you die within that time period. In a level premium term policy, you pay the same amount of premium from the first day of the policy until the term ends. A permanent insurance policy, on the other hand, will stay permanently in effect for the rest of your life, as long as premiums continue to be paid.
Making sure you and your family are protected, no matter the situation.
Your most valuable asset is not your home, your car, jewelry, or other possessions. It’s your ability to earn a living.
Getting disabled at work means your paycheck could stop coming just as an illness or injury brings the significant expense of medical bills.
In fact, disabilities have historically caused nearly half of all mortgage foreclosures and a significant number of personal bankruptcies.
1 in 4 of today’s 20-year-olds will become disabled at some point in their career.
Disability Insurance can be the most flexible and reliable source of coverage. Most individual policies pay between 50% and 70% of your pre-disability gross salary.
If you have a job, you need disability insurance.
Becoming Disabled can happen to anyone
While it’s true that people in professions like farming, law enforcement, and construction face greater risk, the odds of suffering a long-term disability are high for workers from all industries.
This is because illness, not accidents, account for 90% of disabilities that keep people out of work.
A lengthy disability could literally cost you millions. A 45-year-old worker who makes $50,000 a year and suffers a permanent disability could lose $1 million in future earnings, according to a U.S. Census Bureau Survey.
Without your regular income from work, will you have enough money to live comfortably? The average monthly payment for current beneficiaries of Social Security disability aid is $1,111, barely above the poverty line.
Don’t assume “It won’t happen to me.”
Purchasing disability insurance may be the factor that determines how your family will go on after injury or illness. Call our office and talk to Liz to start planning now!
Medicare plays a key role in providing health and financial security to 55 million older people and younger people with disabilities.
If you’re over age 65, you’re probably entitled to some form of Medicare.
Various Medicare programs cover many basic health services including hospitalizations, physician visits, and prescription drugs, preventive services, and more.
Medicare can be confusing. At Leonard Financial Group, we work to educate you on the Medicare process and review your current Health situation so we can help you to find the plan that works best for you.
Dental and Vision
Good health starts with a healthy mouth. Regular dental exams and cleanings can lower the risk of gum disease, which is linked to heart disease, diabetes, stroke, and other serious conditions.
Your eyes work hard for you every day. It’s important to make sure they stay in top shape.
At Leonard Financial Group, we can help you find a dental or vision plan that will stay within your budget.
Small Business Insurance
Owning your own business can be one of the most satisfying experiences of your life. You can follow your dream, earn a good living, provide employment and opportunities for others, and make a difference in your community.
But owning a business also means a lot of responsibilities; to your business, your employees and your family.
It’s important to plan now for planned circumstances like retirement, and unforeseen events such as disability, death and other financial hardships.