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Understanding LTC Policy Coverage Limits Thumbnail

Understanding LTC Policy Coverage Limits

Many people choose to purchase a long-term care (“LTC”) policy to help cover the high costs of in-home health care and nursing care. To help you understand long-term care insurance, here are key terms and benefits. The terminology below is most applicable to traditional long-term care policies but may be found in hybrid policies as well.

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Four Types Of Long-Term Care Insurance Thumbnail

Four Types Of Long-Term Care Insurance

Around 70% of adults over the age of 65 will need long-term care (“LTC”) support during their lives[1], ranging from in-home health care to nursing home care. The cost of this care can be high; the average cost of nursing care in Maryland is $127,750 per year[2], and most long-term care is not covered by Medicare beyond 100 days. Fortunately, your financial advisor can help you prepare for this financial impact. For many, a long-term care insurance policy is a beneficial part of a solid financial plan, protecting savings and estate values from being depleted by expensive long-term care. Here are four types of long-term care insurance to discuss with your financial advisor.

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Seven Conversations to Have When Approaching Senior Age  Thumbnail

Seven Conversations to Have When Approaching Senior Age

It can be challenging to grow older and need assistance. But it can be a blessing too – an opportunity to learn, grow closer to loved ones, and prepare for the future. As you approach your senior stage of life, many people rely more on their circle of care, which could include a spouse, adult children, close family friends, or religious clergy members. Sharing your values with your circle of care can make difficult life transitions easier, and clearly expressing your wishes can be very empowering.

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The Benefits of Beneficiary Designations Thumbnail

The Benefits of Beneficiary Designations

Grace was so happy - her granddaughter, Sarah, had gotten married! The last time I had seen her this happy was when Sarah graduated college. Being a financial planner, I felt I had to tell her, “Make sure she and her husband update their beneficiary designations.” The financial planner in me continued, “If they do not change their beneficiary designation on their retirement accounts, life insurances, and annuities, the surviving spouse could get nothing.”

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