Money Matters: How important is planning for long term care?

Money Matters: How important is planning for long term care?

COLUMBIA, S.C. (WIS) - It’s open enrollment time for millions of Americans.

In this week’s Money Matters segment, Josh Bradley, of Capital City Financial Partners, explains why long term care health plans are important to consider, especially in retirement.

“In 2019, 47.8 million Americans over the age of 65 used long term care,” Bradley said. “And 52% of people turning 65 will need some type of long term care services in their lifetime.”

Bradley says going on Medicaid could be avoided if you plan for long term care.

“People tend to ignore plans for long term care as part of their retirement because they think, 'I’m healthy and will be OK,” Bradley said. “Or they think long term care plans are two expensive.”

But planning for long term care should not be ignored, Bradley said.

On average, an estimated 11% of people who are 65 today will incur out-of-pocket long term care costs between $50,000 and $150,000 during their lifetime.

Disclaimer: Investment Advisory Services offered through Integrated Advisors Networks (“IAN”), a Registered Investment Advisor. Certain Representatives of Capital City Financial Partners are also registered with and offer securities through, APW Capital, Inc., Member FINRA/SIPC, 100 Enterprise Drive, Suite 504, Rockaway, NJ 07866, (800) 637-3211. Capital City Financial Partners is neither affiliated with or under common control of either APW Capital or Integrated Advisors Network.

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