As we get older and become frailer, we may find ourselves needing help with everyday activities that’s as simple as getting dressed, eating, or getting in and out of bed. Even if we’re healthy, accidents may necessitate assistance with such activities. This assistance is called long-term care (LTC) and can be provided at home, in an assisted living facility, and in nursing homes. But LTC services aren’t cheap. The average annual rate for nursing home care (semi-private room) is $88,348, and costs continue to surge.1 While having a long-term care insurance (LTCI) policy may be the best option to cover the costs, it may not be feasible for everyone. Fortunately, there are other ways you can fund LTC:
- An annuity combined with LTC benefits can deliver a lifetime income stream that increases in the event of an LTC need for additional financial protection.2
- Life Insurance. A whole, term, or universal life insurance policy can all be converted into a LTC benefit account. During this conversion, the policy ownership is transferred to an entity that acts as a benefits administrator, who assumes all responsibility for paying the monthly premiums.3
- Health Savings Account (HSA). You can tap into HSA assets to pay for future LTC costs. Funds in an HSA rolls over year to year and withdrawals are tax-free if used for qualified healthcare expenses, including LTC and LTCI premiums.4
- VA Benefits. If you’re a veteran or spouse to one, there are many different benefits programs available through the U.S. Department of Veterans Affairs. Veterans and their spouses are entitled to receive financial aid known as the Veterans Affairs Aid and Attendance Pension Benefit or A&A benefit, which can be used to pay for LTC.5
- Under the reality that many Americans are simply living longer, this strategy becomes more viable the closer you are to running out of money. The government assesses income and asset levels when deciding who qualifies, so once total assets are low enough, Medicaid will kick in. However, it should be noted that private insurance will likely provide a better quality of life.6
The expenses of LTC may be reality for many of us in the future, but there are a multitude of options. It’s never too early or too late to think about LTC, so make sure to include it as part of your retirement plan. Connect with us at 651-414-0016 or 715-808-8981 and our team can help you find the best LTC funding option(s) for you.
Corned Beef and Cabbage
Saint Patrick’s Day is just around the corner. Aside from all things green, it calls for corned beef and cabbage! To celebrate this Irish holiday, here’s a simple recipe for this traditional dish.
Here’s what you’ll need:
- 3 lbs. corned beef brisket with spice packet
- 10 small red potatoes
- 5 carrots, peeled and cut into 3-inch pieces
- 1 large head cabbage, cut into small wedges
Directions:
- Place corned beef in large pot or Dutch oven and cover with water. Add the spice packet that came with the corned beef. Cover pot and bring to a boil, then reduce to a simmer. Simmer approximately 50 minutes per pound or until tender.
- Add whole potatoes and carrots, and cook until the vegetables are almost tender. Add cabbage and cook for 15 more minutes. Remove meat and let rest 15 minutes.
- Place vegetables in a bowl and cover. Add as much broth (cooking liquid reserved in the Dutch oven or large pot) as you want. Slice meat across the grain.
Recipe adapted from Allrecipes7
Cleaning Your Golf Grips
Having clean golf grips can ensure longevity and optimal performance. Get the most out of your grips by giving it a good cleaning. You can do it in a few simple steps with household items. Here’s how:
- Fill a bucket with warm water and mix in mild detergent. Dip a scrub brush into the water and scrub the grip.
- Next, dip a rag into the soapy water and wipe the grip to remove all residue.
- Take a new rag and dip it in non-soapy water and ring out over grip, wiping the grip to remove soap.
- Lastly, wipe the grip dry with a clean, dry rag. Repeat these steps for each club in your bag.
Tips adapted from Golfweek8
Healthy Travel Tips
As warmer weather begins to embrace us, many Americans will be itching to get away. Whether you have been traveling, are traveling, or about to travel; it’s always a good idea to take care of your well-being—even when you’re on the road or on vacation. Here are some wellness travel tips to keep in mind.
Tips adapted from Nutrition Stripped9
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1 http://www.altcp.org/long-term-care/long-term-care-cost/
2 https://www.magnifymoney.com/blog/investing/long-term-care-annuity-coverage/
3 https://www.agingcare.com/articles/use-a-life-insurance-policy-to-pay-for-long-term-care-157309.htm
4 https://www.investopedia.com/articles/personal-finance/091615/how-use-your-hsa-retirement.asp
5 https://www.forbes.com/sites/nextavenue/2017/11/10/the-long-term-care-benefit-many-veterans-are-missing-out-on/#306225986c23
6 https://longtermcare.acl.gov/medicare-medicaid-more/medicaid/index.html
7 https://www.allrecipes.com/recipe/16310/corned-beef-and-cabbage-i/
8 http://golftips.golfweek.com/way-clean-golf-club-grips-1179.html
9 https://nutritionstripped.com/healthy-vacation-tips/
