In the third installment of our Ambassador Series we meet Ambassador Michael Roma. Micheal is a former small-business owner as well as a financial adviser. In his business, Micheal often witnesses the effects that a lack of long-term financial planning can have on a family. For the next few weeks, he will offer a bit of financial advice that can aid you and your family in future decisions.?????
Sadly, every day, an individual or their spouse is diagnosed with Alzheimer??????s. They are diagnosed with a disease that has no known cure, which slowly but surely brings you to the end of your days all the while taking your cognitive-thought process along the way.
For the individuals, spouses or caregivers this may only be the beginning of their nightmare.
Today, in the United States, the average 55-year-old has less than $50,000 saved for retirement and, in most cases, is not prepared for this financial calamity.
I am a financial?????adviser working in this arena where, all too often, I see individuals who are not prepared to face such an event.
I advise my clients to consider planning sooner rather than later and make long-term care insurance as a part of their overall financial plan.
The earlier a person acts to acquire long-term care, the more manageable the expense. As a person ages, the cost not only increases by the year but if should they be diagnosed with certain diseases, especially Alzheimer??????s, they are forever removed from access.
Despite Medicare, in retirement, the average couple will spend over $200,000 for medical treatment.
Medicare and social security do not cover long-term care needs associated with Alzheimer??????s. Houston has some of the most affordable institutional nursing home care in the nation, and yet, it will still cost you upwards of $60,000 a year.
There are also self-funded life insurance policies that are structured so a specific amount of the face value is available for long-term care. This is an area I would discuss with your financial professional to see if this is the right plan for you and your family
?????Non-action can bring devastating end results. It could spell the financial destruction of all you have worked so hard for over the years. Make sure to plan and act now.