Long Term Care Planning
Cost of Long Term Care
Until we are faced with adversity, do not underestimate the importance of long term care planning and the high cost of care. A 2016 poll conducted by the The Associated Press-NORC Center for Public Affairs Research at the University of Chicago explored long term care planning. The results show that average Americans lack awareness of the typical costs of long term care. Americans Age 40 and older are not well informed about the impact that long-term care will have on their personal resources. Moreover, there is an across the board misconception of financial assistance available for such care. Until you or a loved one becomes disabled and will require assistance with day-to-day personal care, it is easy to assume Medicare is going to foot the bill. At PBI Insurance, our staff is well-versed in health insurance and long term care insurance.
The Importance of Long term Care Planning
Most adults in America are unaware of the importance of long term care planning. Long term care planning awareness in early adulthood can help families prepare for the inevitable. Many assumptions are made about long term care, what it means, and how to pay for it. Long-term care services include help with everyday tasks, “custodial” care, or “activities of daily living”. Whether the custodial care is needed for a post-surgical recuperative period or for terminal conditions such as Alzheimer’s Disease or ALS, you need the advice of a professional so you can prepare. The PBI Staff are experts in all aspects of Medical Insurance and Medicare Benefits and we can assist you with your questions about Long-Term Care Insurance.
According to the poll, the majority of Americans age 40 and older continue to lack confidence that they will be able to pay for long-term care, and few expect their current insurance to cover the costs of ongoing living assistance. Instead, many older adults expect to turn to Medicare or Social Security to support their care as they age, although these programs generally do not cover most long-term care services or costs. Additionally, support is high for policies that help Americans save for long-term care and for those that defray the costs of caregiving.
Custodial services are not covered by health insurance or Medicare. While Medicaid provides long-term services to those with chronic disabling conditions, it is only available for individuals who meet income and other eligibility requirements. Paying for custodial care services out-of-pocket is out of reach for the average person. According to the HHS Office of the Assistant Secretary for Planning and Evaluation Office of Disability, “While most people with LTSS needs will spend relatively little on their care, about one in six (17%) will spend at least $100,000 out-of-pocket for future LTSS.” In fact, in Connecticut, the 2017 average monthly cost for home care is $4,000 and residing in a nursing facility (semi-private room) is more than $7,000. (source: https://www.genworth.com/about-us/industry-expertise/cost-of-care.html).
By 2040, it is expected that the senior population is expected to nearly double. The majority of these seniors will require some form of long-term care – help with activities such as cooking, bathing, or remembering to take medicine – that can be provided in a home or institutional setting. How to finance the provision of high-quality services so that the costs are manageable for families and governments will remain a primary challenge. You may have a loved one who is in need of long-term care, now or in the near future. Talk to the experts at PBI Insurance and get your questions answered. Call 860-233-1171 today.
When you want to work with a trusted financial planning adviser in greater West Hartford CT, choose PBI Insurance. What does your money mean to you? Safety, freedom, peace of mind? These are the emotions that come from having a sound financial plan. When you are nearing your retirement years, you may seek the advice of an experienced financial planner that can explain the risks and benefits of your existing IRAS, 401Ks and stocks. If you are interested in working with a financial planner, the most important thing is to find someone you trust. At PBI we have the experience and offer financial planning services that help you take the stress out of managing your wealth. Our goal is to eliminate concern so that you can feel confident with the decisions that you are making. With a little bit of effort upfront you can put your finances on auto-pilot until your next big life event gives you a reason to revisit your financial plan. Please call PBI Insurance for more financial planning information: 860-233-1171.
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PBI Insurance crafts employee benefits plans for small business in Hartford and New Haven CT. Employee benefits are as much a part of compensation as salary. What do the company benefits and perks you offer communicate to your existing and prospective employees? As an employer, the benefits package you offer your employees speaks volumes about your company, its philosophy, and its culture. In a highly competitive environment, the salary you offer is the first consideration, but it is by your benefits and perks you will be judged. When an employee knows what your company stands for, he will know right away if he will engage with the company and stay longer. Benefits and perks tell your employees what you value, what your company believes in, and that your employees are valued.
When working hard to attract the best talent, you may demonstrate your appreciation for their loyalty by contributing to their health and well being, being supportive in education and career growth, providing financial planning services and wealth protection counseling. Typical benefit plans include Medical and Dental Insurance, Life Insurance, Disability, Flexible Spending Accounts, and Retirement Benefits.
To learn about all the group insurance options available to your employees, we invite you to consult with our knowledgeable agents in our centrally located West Hartford office. Our satellite office is conveniently located on Main Street in Hamden for clients located in the greater New Haven region. West Hartford CT, New Haven CT: call 860-233-1171.
Connecticut Employee Benefits.
PBI Insurance provides a full menu of Connecticut employee benefits packages to area businesses. Our staff provides personalized service to businesses all over the state. Whether you have 50 employees or 5,000, the expert staff at PBI work with you to select an appropriate benefits plan. We stay with you to adjust your employee packages as your business grows. We offer a full range of benefit plans. We offer the best terms and rates for group and individual medical and dental, short and long-term disability, group life and AD&D, retirement plans, and medicare products.
In addition to our excellent employee plans, we assist clients with value-added services including:
• Rectifying Claims Disputes
• Reconciling Billing Problems
• Conducting Enrollment Meetings
• Processing Enrollments/Terminations
• Updates on Industry Changes
• Premium Contribution Strategies
When you partner with PBI for your employee benefits you have friendly knowledgeable experts on your team. Having PBI Insurance on board will ensure that all of your benefits packages are being managed expertly. We take care of your employees, so that you can focus on success. For your convenience, we have offices in Hamden and West Hartford CT. Please call PBI Insurance for more employee benefit information. West Hartford: 860-233-1171 and Hamden: 203-230-0548.
Connecticut Tax Planning and Preparation Services.
When you need the best Connecticut tax planning and preparation services, call the professionals at PBI and relax. Every year income tax returns have to be filed with the Internal Revenue Service or the Connecticut State Department of Revenue Services. In your income tax return you are reporting your income, profits and losses of your business and other deductions. Tax planning makes a big difference in the future value of a range of investments, therefore it has a great impact on a person’s standard of living now and in the future. At PBI we offer both tax planning and tax preparation. PBI has some of the best accountants and tax professionals in Connecticut. Our staff will expertly prepare your individual or business tax returns for submission to the IRS.
Since 1985, PBI has built a business and a reputation by always doing the right thing for our clients and providing a personalized level of customer service. PBI is family-owned and serves businesses and individuals from every corner of the state. At PBI, we are known for our outstanding reputation. We bring our integrity, experience, accountability, and accessibility to the fore with every individual and business client. As a family owned and operated Connecticut company, we offer a complement of added value services to the table. We have offices in West Hartford (860-233-1171) and Hamden Connecticut (203-230-0548), or one of our agents will be glad to discuss your options at a location of your choice. Let us help build your future.