{"id":9056,"date":"2021-10-19T11:39:05","date_gmt":"2021-10-19T16:39:05","guid":{"rendered":"https:\/\/rixtrema.com\/blog\/?p=9056"},"modified":"2021-11-02T10:28:12","modified_gmt":"2021-11-02T15:28:12","slug":"long-life-healthcare-risk-to-tackle","status":"publish","type":"post","link":"https:\/\/rixtrema.com\/blog\/long-life-healthcare-risk-to-tackle\/","title":{"rendered":"Mitigating Healthcare Cost Risks For Your Clients"},"content":{"rendered":"\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"wp-block-list\"><li><strong><a href=\"#h-accompanying-risk\">Accompanying Risk<\/a><\/strong><\/li><li><strong><a href=\"#h-an-increasing-cost\">An Increasing Cost<\/a><\/strong><\/li><li><a href=\"#h-most-common-solution\"><strong>Most common solution<\/strong><\/a><\/li><li><strong><a href=\"#h-reducing-the-risk\">Reducing the risk<\/a><\/strong><\/li><\/ul>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"has-white-color has-text-color has-background wp-block-heading\" id=\"h-accompanying-risk\" style=\"background-color:#b26161\"><strong>Accompanying Risk<\/strong><\/h2>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><a href=\"https:\/\/rixtrema.com\/blog\/long-life-and-a-portfolio-to-match\/\"><span style=\"font-weight: 400;\">The risk of outliving your savings<\/span><\/a><span style=\"font-weight: 400;\"> is only made worse by the prospect of old age care expenses. The majority of retirees aren\u2019t overly concerned with the cost of treating ordinary ailments, most of that is covered by medicare over 65 anyway. However, Long-Term Care in a nursing home, for example, is a cost a lot of people, nearing retirement, are not able to afford. The pandemic only exacerbated this problem even further.Nursing homes and assisted living facilities were hit disproportionately, many of Covid\u2019s victims were residents of these institutions. As the world reopens the question of elder care funding looms large.<\/span><\/p>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"has-white-color has-text-color has-background wp-block-heading\" id=\"h-an-increasing-cost\" style=\"background-color:#b26161\"><strong><strong>An Increasing Cost&nbsp;<\/strong><\/strong><\/h2>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><span style=\"font-weight: 400;\">According to <\/span><a href=\"https:\/\/longtermcare.acl.gov\/the-basics\/how-much-care-will-you-need.html\"><span style=\"font-weight: 400;\">U.S. Department of Health and Human Services<\/span><\/a><span style=\"font-weight: 400;\">, a person turning age 65 today has a nearly 70% probability of requiring long-term care services during their lifetime. What\u2019s most troubling is that it is generally not covered by Medicare, and the risk increases with age.<\/span><\/p>\n<p><br><span style=\"font-weight: 400;\">Costs can be as much as $150,000 per year, depending on the type of care, and where you live. Annual long-term care costs range from $51,600 for assisted living facilities and home care to $105,850, or more for nursing home care; according to <\/span><a href=\"https:\/\/newsroom.genworth.com\/2020-12-02-Genworth-17th-Annual-Cost-of-Care-Survey-COVID-19-Exacerbates-Already-Rising-Long-Term-Care-Costs-Care-Providers-Foresee-Additional-Rate-Hikes-in-2021\"><span style=\"font-weight: 400;\">Genworth Financial&#8217;s Cost of Care 2020<\/span><\/a><span style=\"font-weight: 400;\"> report.<\/span><\/p>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"has-white-color has-text-color has-background wp-block-heading\" id=\"h-most-common-solution\" style=\"background-color:#b26161\"><strong><strong><strong>Most common solution<\/strong><\/strong><\/strong><\/h2>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><span style=\"font-weight: 400;\">Medicaid is the most common source of funding for long-term care costs. However, it is means tested.. With the exception of the wealthy, long-term care puts a strain on most people\u2019s resources. Which is why, It is vital to begin planning for long-term care now in order to avoid retirees facing real hardship later on.Traditional solutions like Medicare and Medicaid are helpful, but they aren&#8217;t always sufficient to meet a person&#8217;s needs. This is where private insurance&nbsp; provision comes in.<\/span><\/p>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"has-white-color has-text-color has-background wp-block-heading\" id=\"h-reducing-the-risk\" style=\"background-color:#b26161\"><strong><strong><strong><strong>Reducing the risk<\/strong><\/strong><\/strong><\/strong><\/h2>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><span style=\"font-weight: 400;\">Purchasing long-term care insurance policy is usually the better option, for those who can afford it. There are two types of policies: asset-based and premium-based. A benefit of holding a long-term care policy is that it qualifies retirees for a tax credit. Long-term care insurance premiums that are &#8220;tax qualified&#8221; may be tax deductible. If you&#8217;re a tax professional, this could be one of the valuable items to include in a well-thought-out retirement strategy.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Advising your clients on retirement planning is a long process with many obstacles to overcome. However, a sound financial strategy, that takes into account many of the risks that can impede a strategy, is critical in assisting your customers in achieving their desired retirement. Anticipating all of those risks is part of your challenge as a Financial Professional.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Whenever you&#8217;re a financial advisor working with investment individuals, or a firm specializing in retirement plan business, RiXtrema has a plethora of tools to help you grow your practice! On <\/span><a href=\"https:\/\/rixtrema.com\"><span style=\"font-weight: 400;\">https:\/\/rixtrema.com<\/span><\/a><span style=\"font-weight: 400;\"> you will find all of the current line-up RiXtrema has to offer. We have redesigned the whole page in a single portal &#8211; Advisor TechMarket, with the full description for each tool. Navigate to the tool that suits you best and explore available options. Or simply go ahead and <\/span><a href=\"https:\/\/rixtrema.com\/requestdemo\/TM?source=blog19102021\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">SCHEDULE YOUR PERSONAL DEMO<\/span><\/a><span style=\"font-weight: 400;\"> with us, and we&#8217;ll walk you through RiXtrema tools in an online one-on-one call.<\/span><\/p>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The risk of outliving your savings is only made worse by the prospect of old age care expenses. The majority of retirees aren\u2019t overly concerned with the cost of treating ordinary ailments, most of that is covered by medicare over 65 anyway.<\/p>\n","protected":false},"author":13,"featured_media":9057,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[192],"tags":[82,317,7,2167,172],"class_list":["post-9056","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-risk-management","tag-401k","tag-covid-19","tag-financial-advisor","tag-healthcare-risk","tag-retirement-plan-advisors"],"jetpack_featured_media_url":"https:\/\/rixtrema.com\/blog\/wp-content\/uploads\/2021\/10\/Long-Life-Healthcare-Risk-to-Tackle.jpg","yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v15.9.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Mitigating Healthcare Cost Risks For Your Clients<\/title>\n<meta name=\"description\" content=\"The risk of outliving your savings is only made worse by the prospect of old age care expenses. 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