Limited and Extended Care Planning Collective

For decades, retirement planning has centered around a familiar set of questions:

• How much have you saved?
• Will your portfolio generate enough income?
• What rate of return do you need?
• When should you claim Social Security?

These are important questions. But there's another one that often gets overlooked:

What happens if retirement lasts longer, costs more, and includes a long-term care event?

Many seniors generously give gifts to loved ones or donate to charities without realizing how these transfers might impact their Medicaid eligibility. While giving away assets may seem like a way to reduce countable resources, Medicaid has strict rules that can result in penalties and delayed benefits. Understanding these rules is essential when guiding clients through the spend-down process.

Long-term care insurance (LTCI) provides crucial financial protection for extended care needs, but most policies have a benefit cap, whether it’s a maximum payout amount or benefit duration. When LTCI benefits run out, clients may face a difficult financial situation. As a financial advisor, you are uniquely positioned to help them plan for the next phase of care.

NAIFA’s Lifetime Healthcare Center is presenting “The Peak 65 Series: Impact Day for Lifetime Healthcare,” a one-day virtual event, November 19, beginning at 11 am eastern. It features a dozen 20-minute TED Talk-like presentations covering timely topics on the financial implications of longevity and aging. Presenters include recognized thought leaders offering insights on long-term care, disability income, hybrid insurance products, Medicare, federal and state legislative and regulatory considerations, and more.