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What Do You Know About Long-Term Care?

long-term-care

LONG-TERM CARE…DID YOU KNOW?

 

> At least 70% of people over 65 will need long term care services and supports at some point in their lives.
(Source: 2016 Medicare & You, Centers for Medicare & Medicaid Services)
> About 68% of nursing home residents and 72% of assisted living residents are women.
(Source: Long-Term care Services in the United States: 2013 Overview, National Center for Health Statistics)
> The national median daily rate in 2015 for a private room in a nursing home was $250, an increase of 4.17% from 2014.
(Source: Genworth 2015 Cost of Care Survey, March 2015)
> The average length of a nursing home stay is 835 days.
(Source: CDC Vital and Health Statistics, Series 13, No. 167, June 2009)
> At a median daily rate of $250, an average nursing home stay of 835 days currently costs over $208,000, making it virtually unaffordable for many Americans.
> Medicare does not pay for long-term care services, as explained by the Social Security Administration:
“About Social Security and Medicare…
Social Security pays retirement, disability, family and survivors benefits. Medicare, a separate program run by the Centers for Medicare & Medicaid Services, helps pay for inpatient hospital care, nursing care, doctors’ fees, drugs, and other medical services and supplies to people age 65 and older, as well as to people who have been receiving Social Security disability benefits for two years or more. Medicare does not pay for long-term care, so you may want to consider options for private insurance (emphasis added).”

Please contact my office if you’re interested in discussing possible long-term care funding solutions.

MESSAGES
from the Masters…

CHANGE BEGINS WITH CHOICE

by Jim Rohn

Any day we wish; we can discipline ourselves to change it all. Any day we wish; we can open the book that will open our mind to new knowledge. Any day we wish; we can start a new activity. Any day we wish; we can start the process of life change. We can do it immediately, or next week, or next month, or next year.

We can also do nothing. We can pretend rather than perform. And if the idea of having to change ourselves makes us uncomfortable, we can remain as we are. We can choose rest over labor, entertainment over education, delusion over truth, and doubt over confidence. The choices are ours to make. But while we curse the effect, we continue to nourish the cause. As Shakespeare uniquely observed, “The fault is not in the stars, but in ourselves.” We created our circumstances by our past choices. We have both the ability and the responsibility to make better choices beginning today. Those who are in search of the good life do not need more answers or more time to think things over to reach better conclusions. They need the truth. They need the whole truth. And they need nothing but the truth.

We cannot allow our errors in judgment, repeated every day, to lead us down the wrong path. We must keep coming back to those basics that make the biggest difference in how our life works out. And then we must make the very choices that will bring life, happiness and joy into our daily lives.

And if I may be so bold to offer my last piece of advice for someone seeking and needing to make changes in their life – If you don’t like how things are, change it! You’re not a tree. You have the ability to totally transform every area in your life – and it all begins with your very own power of choice.

QUOTES
from the Masters…

On Experience

“Don’t let the learning from your own experiences take too long. If you have been doing it wrong for the last ten years, I would suggest that’s long enough!”

— Jim Rohn

“For years I have been accused of making snap judgments. Honestly, this is not the case because I am a profound military student and the thoughts I express, perhaps too flippantly, are the result of years of thought and study.”

— George S. Patton

On Mastery

“With more success, comes greater problems along with greater ability to solve them.”

— Mark Victor Hansen

“Challenge everything you do. Expand your thinking. Refocus your efforts. Rededicate yourself to your future.”

— Patricia Fripp

“A professional is a person who can do his best at a time when he doesn’t particularly feel like it.”

— Alistair Cooke

Published by The Virtual Assistant; © 2016 VSA, LP

 

© 2015 BenefitConsultantInc | All Rights Reserved

 

What Is An Annuity?

Retirement Readings

October 19, 2016

WHAT IS AN ANNUITY?

In planning for financial security in retirement, an annuity can satisfy two basic objectives:

1. To accumulate retirement assets on a tax-deferred basis: If you’re already contributing the maximum to IRAs and any employer-sponsored retirement plans and need to save more for retirement, a deferred annuity may be the answer to your retirement savings need.

2. To convert retirement assets into an income that you cannot outlive: On the other hand, if you’re near or at retirement, an immediate income annuity can be used to convert existing retirement assets into a lifetime income.

An annuity is a long-term savings plan that can be used to accumulate assets on a tax-deferred basis for retirement and/or to convert retirement assets into a stream of income.

While both are insurance contracts, an annuity is the opposite of life insurance:

  • Life insurance provides financial protection against the risk of dying prematurely.
  • An annuity provides financial protection against the risk of living too long and being without income during retirement.

If you are already contributing the maximum to an IRA and/or an employer-sponsored retirement plan, an annuity can be an excellent way to save for financial security in retirement.

Contact my office if you’d like additional information on the role an annuity might play in your retirement planning.

MESSAGES
from the Masters…

THINKING LIKE A FARMER

by Jim Rohn

One of the difficulties we face in our industrialized age is the fact we’ve lost our sense of seasons. Unlike the farmer whose priorities change with the seasons, we have become impervious to the natural rhythm of life. As a result, we have our priorities out of balance. Let me illustrate what I mean:

For a farmer, springtime is his most active time. It’s then when he must work around the clock, up before the sun and still toiling at the stroke of midnight. He must keep his equipment running at full capacity because he has but a small window of time for the planting of his crop. Eventually winter comes when there is less for him to do to keep him busy.

There is a lesson here. Learn to use the seasons of life. Decide when to pour it on and when to ease back, when to take advantage and when to let things ride. It’s easy to keep going from nine to five year in and year out and lose a natural sense of priorities and cycles. Don’t let one year blend into another in a seemingly endless parade of tasks and responsibilities. Keep your eye on your own seasons, lest you lose sight of value and substance.

QUOTES
from the Masters…

On Personal Responsibility

“It is not what happens that determines the major part of your future. What happens, happens to us all. It is what you do about what happens that counts.”

— Jim Rohn

“Our ultimate freedom is the right and power to decide how anybody or anything outside ourselves will affect us.”

— Stephen Covey

“The amount of satisfaction you get from life depends largely on your own ingenuity, self-sufficiency, and resourcefulness. People who wait around for life to supply their satisfaction usually find boredom instead.”

— Dr. William Menninger

On Overcoming the Negative

“The greatest pleasure in life is doing what people say you cannot do.”

— Walter Bagehot

“As long as you think the problem is out there, that very thought is the problem.”

— Stephen Covey

“Hatred is the most destructive force on earth. It does the most damage to those who harbor it.”

— Nido Qubein

“You are positive, creative and happy to the degree to which you eliminate negative emotions from your life.”

— Brian Trac

Published by The Virtual Assistant; © 2016 VSA, LP

 © 2015 BenefitConsultantInc | All Rights Reserved