The most effective way to plan for long-term care is to
clearly view LTC Planning as an integral component of the financial and estate
planning process. This approach is called the
Comprehensive Planning Approach to
long-term care and was specifically designed by Allen Hamm to integrate LTC Planning
with financial and estate planning. Our approach has a proven track record for
developing the most appropriate LTC plan for you, based on a logical and emotional
analysis of your unique situation.
There are 7 steps in the Comprehensive Planning Approach:
| 1. |
Learn about long-term care
| - | What it is |
| - | Where care can be received |
| - | How much it costs |
|
| 2. |
Analyze the implications of relying on each of the 4 resources
| - | How will the need for LTC impact your family and your
financial security? |
| - | Do you have enough assets to pay for your own care
and would you want to? |
| - | Do you have family members who could care for you?
Would you want your family to care for you? |
|
| 3. |
Narrow your choice down to the options that are most appropriate for you
| - | After analyzing the available resources, and seriously
pondering the fact that you may need long-term care in the future, the appropriate
options will become more clear
|
|
| 4. |
Choose your preferred option
| - | Analyze the remaining options, and choose the one
that fits your personal situation and financial goals
|
|
| 5. |
Develop your written plan
| - | Document your plan in writing |
| - | Include how you will pay for care, or who specifically
will provide your care |
|
| 6. |
Finalize your plan
| - | If Welfare is your choice, make an appointment with an
attorney who specializes in Medicaid Planning |
| - | If insurance is your choice, call us to begin designing
and applying for coverage |
| - | Make sure each member of your family receives a copy |
|
| 7. |
Review your plan annually
| - | This is to ensure that your plan will still accomplish
the objectives it was designed to achieve |
| - | Should include a review of current cost of care and
your inflation-adjusted benefits |
| - | If insurance is your option, we will contact you
annually for a review of your coverage |
|
The alternative to planning ahead with the
Comprehensive Planning Approach is
to be manipulated by a single sales approach used by many insurance agents. Even worse
is to have no plan at all, defaulting to options that completely expose your family to
financial and emotional risks.
Call Allen if you would like assistance
developing your LTC Plan using the
Comprehensive Planning Approach.
1-800-400-0577
