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Wolfgang T. Sailler
Certified Financial Planner ™

Joseph D. Witt
Certified Financial Planner ™

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PO Box 5190
Salem, OR 97304-3060

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Needing long-term care is a prospect most unsettling

September 24, 2014

That is probably the way the fictional detective Hercule Poirot (from the French speaking part of Belgium) would summarize what more and more people are going to face. The US Dept. of Health's website estimates that 7 in 10 seniors will require some form of LTC in their lifetime. As currently about 10,000 people turn 65 every day this will add up to many millions of people going to need some form of assistance, which does not come cheap and Medicare will only help for a limited time with skilled nursing services, leaving the most common care situations, known as the activities of daily living, or ADLs, uncovered. If you count among the multi millionaires the cost will put a dent in your assets but is unlikely to wipe you out financially. If your means are modest you will most likely qualify for Medicaid. But if you are in between the two groups you will have to pay for all needed services until you either recover or are broke enough to qualify for Medicaid as well.

What to do? Stand-alone LTC policies have recently gone through a round of serious premium hikes as interest rates have hampered the insurers earnings and claims are rolling in faster than anticipated. And people who never need any assistance from these policies will be unhappy about lost premium, although I personally would rather have spent the premium and not need a policy than needing care and having to go broke over it. An alternative can be life insurance policies with LTC riders from which somebody will receive a benefit, whether you live, get sick or die. The policy provisions are not as flexible as with stand-alone LTC contracts, but that is made up by fixed premiums and less stringent underwriting.

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(503) 375-0208




PO Box 5190
Salem, OR 97304-3060



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Goldmark Financial Planners, LLC, is a Registered Investment Advisor Firm in the State of Oregon. Prior to any advisory work conducted outside Oregon, Goldmark Financial Planners, LLC, would become registered in that jurisdiction or qualify for an exemption or exclusion to the registration.

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