Published: November 26 2007
If you are between 50 and 75, and have assets of $500,000 or more, you are a prime candidate for losing much of your wealth and depriving yourself or your heirs of the bulk of ...
If you are between 50 and 75, and have assets of $500,000 or more, you are a prime candidate for losing much of your wealth and depriving yourself or your heirs of the bulk of your lifelong savings.
The possibility of this happening increases if you have any health problems or if you suddenly become disabled through illness or accident.
High-quality long-term care, whether at home, in an assisted living facility, or in a nursing home, can exceed $10,000 a month on Long Island. Medicare won't cover this expense, and government restrictions are making it more difficult to become "Medicaid-eligible" for most Long Islanders.
One strategy many individuals and couples are taking is to protect their home and investments with long-term care policies.
"These policies are not just 'insurance,'" says Gerard Simonelli, CFP, a senior financial planner with ARS Financial Services, Jericho. "They really function to protect your portfolio. They enable you to keep as much of your assets as possible if you need long-term medical or daily living care.
"Financial analysts point out that the odds of needing such care are 50 times greater than those of your house burning down, yet many people don't protect themselves against this more common life-altering possibility."
Simonelli notes that premiums for long-term policies are less expensive the sooner the policies are taken out.
"Some people begin to realize, when they're in their seventies, that long-term health care protection makes sense. By then, they learn, the premiums are more expensive than if the protection had been obtained years earlier. But even for people in their seventies, long-term care can be cost effective if it's combined with the right financial products."
---------- About Gerard Simonelli, www.gerardsimonelli.com Gerard Simonelli is a Senior Certified Financial Planner at ARS Financial Services Inc., and member of the Registry of Financial Planning Practioners of the Financial Planning Association of Long Island, Gerard works with corporations and communities advocating for mature individuals and retirees on LI. He is a registered representative with Cadaret Grant and Company Inc., and is a licensed life, health, property and casualty agent. As a 20 year veteran, Gerard is a big proponent of working in the community on numerous invitiatives fostering training, awareness and communication to his clients regarding their financial independence. A sought after speaker and expert on Long Island, Gerard recently was quoted in Newsday's Ask The Expert and It's Your Money on Long Island. For more information visit Gerard Simonelli's website at www.gerardsimonelli.comor call him at 516-932-5130.
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