Deedee Bloom, Advanced Planning Coordinator at Elevate Wealth Advisory, addresses a common question: Should long-term care insurance be considered, and if so, when?

Hi, I'm Deedee Bloom, and I'm your host this week for Elevate Wealth. Often, people don't think about long-term care until they need it, so today I thought I'd answer this common question: should I consider long-term care insurance? If so, when? We generally recommend that when you are between the ages of 50 and 60 you start to consider your options for the potential need for long-term care. Approximately half of the people turning age 65 will require some type of paid long-term care in their lifetimes. Most long-term care is not medical care, but rather assistance with the basic personal tasks of everyday life, sometimes called activities of daily living, such as shopping for groceries, housework, caring for pets, things like that. Planning is critical, but many people are not sure what is covered by Insurance. What we try to do at Elevate Wealth Advisory is we try to help you gauge the likelihood of needing care and the potential costs, and explore the funding options that you would have. Medicare does not pay for non-skilled assistant with activities of daily living, which make up most of the long-term care expenses. Some people use their own assets to pay for care, but there are other options, such as long-term care insurance or a reverse mortgage, and we can help you explore all of those options. As a fiduciary firm, we at Elevate Wealth Advisory don't promote one specific product. We're not licensed to sell any long-term care insurance or anything like that, so we can give you an unbiased viewpoint of what your best option would be. If your financial adviser isn't talking to you about long-term care, we can help. Visit elevate-wealth.com and click "let's talk." Thanks, and we will see you soon.