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Planning for Long Term Care: Insights from Corey Sickles

In this segment, the discussion revolves around the critical topic of long term care planning, highlighting a significant statistic that nearly 70% of individuals turning 65 will require some form of long term care. Cory Sickles from Safe Harbor Retirement Group addresses the financial burdens associated with various forms of long term care, including assisted living and in-home care, and discusses the limitations of Medicare in covering these costs. With the average costs of care reaching up to $100,000 annually for private rooms in nursing homes and about $50,000 for in-home care, Sickles emphasizes the importance of early planning. He suggests utilizing life insurance policies as a smarter way to fund long term care needs, offering a dual benefit where the death benefit can be used for care if needed, thus ensuring that the investment is not lost if the care is ultimately not required. The conversation concludes with an encouragement for viewers to seek personalized consultation to develop a robust plan for their long term care needs.

00:00 Introduction to Long-Term Care Planning
00:03 The Reality of Long-Term Care Needs
01:34 Understanding the Costs and Coverage of Long-Term Care
03:16 Innovative Solutions for Long-Term Care Financing
04:20 Personalized Planning with Safe Harbor Retirement Group
04:52 Closing Remarks and Call to Action

https://safeharboroh.com/

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