MARYLAND – As we round out November, a reminder that it’s also Long-Term Care Awareness Month. It’s a time to emphasize long-term care needs for men and women over the age of 65, and how they should be assisted in their daily lives.
Matthew Spedden, a Financial Planner Professional with Heritage Financial Consultants, LLC and registered representative of Lincoln Financial Advisors, a broker/dealer (Member SIPC) and registered investment advisor tells us, that with increasing costs of medical care and long-term care insurance, it’s crucial to take action now.
The costs associated with long-term care depend on the type and duration of the care needed, the chosen provider, and the location. This can be helped by looking at different types of long-term care insurance that fit your budget and health-care costs.
While the planning aspect seems daunting financially and emotionally, Spedden says planning is always your best option. “You’re insuring your good health for down the road – for potentially something bad that could happen, kind of like car insurance.’ Spedden adds, “It’s more the emotion, it’s knowing I have things in place, having that comfort and peace of mind to say okay, I’m not going to burden my children, I’m not going to burden my grandchildren, I’m going to take care of this now.”
Spedden also says any of the options available can be discussed with your financial planner.
Matthew Spedden is a registered representative of Lincoln Financial Advisors Corp. Securities and advisory services offered through Lincoln Financial Advisors Corp., a broker/dealer (Member SIPC) and registered investment advisor. Insurance is offered through Lincoln affiliates and other fine companies. Heritage Financial Consultants is not an affiliate of Lincoln Financial Advisors.
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