Plan for Long-Term Care: Protect your retirement & your legacy.

by | Jun 18, 2019

Plan for Long-Term Care: Protect your retirement & your legacy.
One way to make your retirement savings last longer and assure a legacy for the next generation is to examine all the costs of aging, particularly long-term care. Here’s a fact most people don’t plan for, yet must: After 65, 70% of us will need long-term care for an average of 3 years.1 What will that cost? It depends on how prepared you are.
Artie and Ginger met when they were kids and have been married for 53 years. When Artie had his second heart attack they went to a well-respected Agency (recommended by the Hospital) that sent over Home Aides at $30 an hour. They have had frequent bad experiences with the agency including high cost and high turnover of the Aides.
Bill and Gloria have been married for 61 years and ran a successful book packaging business together until Bill’s dementia worsened. CCNY interviewed Bill and Gloria and provided them with Home Aide “matches” based on personality, skills and experience. Bill and Gloria interviewed and hired these Aides directly, at $22 an hour (adding approximately 11% for payroll administration, taxes and insurance), for a total of $24.50 an hour.
CCNY saved Bill and Gloria $5.50 an hour which netted out to a savings of $22,000 over one year of daily 12-hour shifts. That’s money they’re able to leave to their grandchild.
CCNY can also help you save on 24-hour, sleep-in care. Your cost, hiring direct with CCNY: $270/day. NYC agency cost: $350/day. That’s an annual savings of approximately $29,000.
How can Care Concierge NY provide quality, devoted care with important savings?
1. Because you pay CCNY Home Aides directly, they are not splitting an hourly wage with an agency. They take home more pay
while you save.
2. Home Aides prefer the direct-hire model and stay with families longer, because they’re better paid.
Preserve your savings and your legacy with the right Long-Term Care Insurance.
Not all Long-Term Care Insurance is the same. You want a policy that gives you the freedom to hire independent licensed Home Aides. Why? Let’s say you need 12 hours a day of Home Aide coverage and your policy covers $300/day. If you’re forced to hire via a NYC agency at $30/hr that $300 will only cover 10 hours a day.
If your policy allows you to hire independent aides directly (per CCNY’s formula) at $25/hr your $300/day benefit will cover all 12 hours. Your expenses are covered with no out-of pocket costs.
Don’t have Long-Term Care Insurance? What about the new Hybrid Long-Term Care policies?
Now is the time to procure Long-Term Care Insurance or Hybrid Life/ Long-Term Care Insurance. A hybrid policy, simply put, combines the benefits of life insurance (or an annuity) with long-term care benefits. The Long-Term Care component is typically more cost effective then if you bought Long-Term Care Insurance alone. Aaron Schindler, who is also a Certified Financial Planner, can not only find you the proper Home Aides for Mom & Dad, but can also find you the best insurance for you and your family.
Please contact Aaron Schindler at 917-715-2233 for information about Life/Long-Term Care Insurance, Care Assessments and Home Aides. Care Concierge NY is your one-stop resource for retiring and aging the way you wish.