How Likely Am I to Need Long-Term Care?

If you were to suffer an illness or disability that required long-term nursing care, would you be covered?

Maybe not. The vast majority of Americans go through their lives reassuring themselves that it will never happen to them. However, if past trends continue, the estimated risk of a 65-year-old person needing some form of long-term care during their life is 70 percent and the estimate risk of entering a nursing home is approximately 50 percent.1

That means it could very well happen to you. And while nursing home costs vary from area to area, the average cost of a one-year stay in a private room in a nursing home in 2019 is $102,200.2

Medicaid, the joint federal and state program that covers medical bills for the needy, pays a substantial portion of long-term-care costs but usually only for those who are impoverished.

And Medicare is not paying much of the cost of long-term care. That’s why the elderly should not rely on Medicare for their long-term-care needs.

Clearly, long-term-care costs pose a real problem for the elderly and their families. Long-term-care insurance can help preserve your accumulated wealth and provide coverage in the event you need long-term care. This can go far in helping to address financial need during retirement.

Sources: 1) 2019 Field Guide, National Underwriter; 2) Cost of Care Survey 2019, Genworth Financial, Inc.

The information in this newsletter is not intended as tax, legal, investment, or retirement advice or recommendations, and it may not be relied on for the ­purpose of ­avoiding any ­federal tax penalties. You are encouraged to seek guidance from an independent tax or legal professional. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the ­purchase or sale of any security. This material was written and prepared by Broadridge Advisor Solutions. © 2020 Broadridge Investor Communication Solutions, Inc.

24 YEARS AS A FIRM

One central tenet of Barons Financial is that financial stability truly adds to quality of life. Barons Financial founder, Brian Farkas, found this out at the young age of sixteen when his father passed away leaving the family on shaky ground. The solid financial ground and quality of life that Brian eventually found for his family is what Barons Financial strives to accomplish for you and all clients.

OVER 60 PLUS YEARS OF EXPERIENCE

The “plus” being what our clients bring to the table. Our clients’ experience factors greatly into our financial planning process. It is your money, your call. And it is our 60 years of experience that will help us guide on your journey to reach your financial goals. It is all about YOU.

OVER $190 MILLION IN ASSETS UNDER MANAGEMENT

Each dollar is a testament to the trust that our clients have in us, which we do not take lightly. We continually look to keep that trust by truly knowing our clients – their needs, goals, and risk tolerance.