We are excited to plan and dream with you about the future: what you will do, where you will live, and where you will travel, but we also want to be realistic. What happens if your health changes and you need ongoing support? Long-term care planning helps us prepare for the possibility that you may one day need help with daily activities.
Of course, the future timing and cost of care are hard to predict, and Medicare and traditional health insurance generally do not cover extended custodial care. As a result, these expenses often come directly from personal savings, which can affect retirement income and place added strain on family members if there is no plan in place.
Our Long-Term Care Planning service is designed to bring clarity and a strategic approach to this part of your financial life. Our data-driven forecasting platform analyzes your age, health history, family background, location, and financial information. Using decades of historical data and current cost trends, it generates a personalized projection that estimates the likelihood you may need care, when it could begin, how long it might last, and projected costs in your area.
Here's how it works:
- Complete a short questionnaire.
- Meet with your financial planner to discuss the results (not each personal answer to the questions)
- Model differing options with your broader financial plan and see how different approaches affect retirement income, cash flow, taxes, and other aspects that are important to you.
We like using the platform because it takes a great deal of the awkwardness and uncertainty out of these conversations. You don’t have to explain your personal health history to your financial planner, and you don’t have to make uncomfortable guesses about your future. The reports give us a headstart in the planning, with evidence-based projections that we then apply to your full financial picture.
If you would like to incorporate long-term care into your retirement plan with greater clarity, begin the survey here. From there, we will build a thoughtful plan that supports both your financial security and your family’s well-being.
When might you need extra support with daily activities?
As you think about future care needs, these are the key areas where support is most commonly needed:
- Bathing & hygiene: Showering, grooming, brushing teeth, and general personal care
- Dressing: Choosing appropriate clothing and getting dressed independently
- Eating & feeding: Feeding yourself, even if meal preparation is handled separately
- Mobility & transferring: Moving safely throughout your home, including getting in and out of bed or chairs
- Toileting: Safely using the restroom and maintaining personal hygiene
- Continence: Managing bladder and bowel control
When you can no longer do these activities on your own, long-term care becomes a financial reality. Take the Long Term Care Survey to prepare appropriately.
At Insight Financial Strategists LLC our approach is designed to help you feel comfortable that your resources are deployed in the most effective way to enable you to maintain your lifestyle through retirement. Our P.R.O.A.C.T.I.V.E. approach is designed to implement a conservative personalized income distribution strategy that will help maintain your standard of living over time, preserve assets in a tax efficient way, and give you financial peace of mind. With many of us looking to spend 20 or 30 years or more in retirement, personal finance strategies for planning contingencies can be overwhelming. It takes an experienced strategist to help you navigate the complexities, and we can do that for you.
P.R.O.A.C.T.I.V.E Approach
Many of our clients live in Lexington MA, Arlington MA, Bedford MA, Concord MA, Newton MA, Boston, Brookline, Weston MA, Waltham, Cambridge MA, Belmont MA, Nantucket, Martha's Vineyard, Lincoln MA, Watertown, Wellesley, Winchester MA.