Understanding your financial challenges ... first-hand
If you or a loved one needs Long Term Care you will likely worry about how long you can afford the monthly cost. According to the US Department of Health and Human services, of the 70% of Americans who are projected to need Long Term Care, half of those will be broke within 6 months.
At Mohlman Financial we will look at the entire picture to understand what options you have available based on the planning that you already have in place or will be doing with us or another firm. Some of the strategies to consider will include: aging-in-place, assisted living (sometimes with a ‘homecare wrap-around’), short term care insurance, IRA accounts with custodial care riders, income benefit enhancements, and leveraging dividends from retirement accounts and life insurance policies.
The reasons most people do not purchase long-term care insurance are obvious. The policies are expensive, on average about $2,000 annually per person, which would typically be paid for many years until any care is needed. The premiums tend to be volatile, with some insurers sharply increasing premiums on a regular basis. In addition, the data shows most people won't need the coverage and will die without receiving any tangible benefit from their premiums.
It’s important to note that a large number of people still mistakenly believe that Medicare covers long-term care treatment.
Mohlman Financial offers independent annuity and life insurance product information to the public, and is not a licensed insurance agent or agency. Nothing on this website is a recommendation to buy or sell an annuity or life insurance product. All website content is for educational purposes only. No product companies have endorsed the reviews on this site, nor is Mohlman Financial compensated for reviews. Mohlman Financial does not rate or endorse any specific product, insurance agent or agency and does not warrant any information on this web site. Mohlman Financial does not provide tax, legal, accounting, fiscal, or investment advice. Mohlman Financial claims no liability for any actions or advice given or decisions made in conjunction with this website or the agents on this website. It is your responsibility to research and consult with a licensed financial service professional about your personal situation before making any financial decisions. The strategies found on this website have been provided for an independent network of licensed insurance agents. We hold no liability for any actions or advice given by these independent licensed insurance agents or decisions made by any client in conjunction with this website or agents on this website.