Are You Prepared For The Rough Waters Ahead?

Can you retain financial independence in the event of a long term care need?
Life does not always provide smooth sailing. However, proper planning can help you navigate difficult courses and avoid financial disasters. To protect your assets and enhance your financial situation during your retirement years, it is important to seek out competent legal, accounting and insurance advice.

None of us knows if we will need long term care in our later years, but planning now for that necessity may insure that you receive proper care, keep you from being a burden to others, and preserve those things you have worked a lifetime to acquire.

Who currently pays for long term care?
According to the graph, an individual's out of pocket expense (i.e., cash and other assets) for long term care is almost equal to the amount Medicaid currently pays!

Graph source: Life Insurance Marketing Research Association Intenational, Inc.

Who will pay in the future?
How will long term care be funded in the future? The following excerpt section 217 of the Kennedy-Kassebaum bill, which was passed into law on January 1, 1997, gives us a clue:

"Whoever...knowingly and willfully disposes of assets (including by any transfer in trust) in order for an individual to become eligible for medical assistance (Medicaid) under a State plan under title XIX, if disposing of the assets results in the imposition of a period of ineligibility for such assistance punishable by a final of up to $10,000 and or up to one year in jail."

Simply stated, this excerpt tells us the Medicaid system can no longer accommodate people as it did in the past. Originally, Medicaid was a program for the financially destitute, and truthfully it still is. But the government will no longer allow you to become destitute in order to qualify for Medicaid. This means that "out-of-pocket" expenses will grow much larger while the Medicaid contribution shrinks. For some people this could translate into an expense of $50,000 per year or more for a nursing home!

With the right planning, you can control high out-of-pocket expenses.
Senior Care Insurance Planning Services (SIPS), a free consultation offered by the Soucy Agency, can help you tailor a program to fit your needs and your wallet while assisting you in maintaining control of your assets.

SIPS uses a program called LTC Advisor™ to analyze assets and income from all sources to determine what kind of plan may be right and affordable for you. And, SIPS continually strives to stay abreast of legislative changes that may affect your assets and your insurance program.

For your free SIPS consultation, call the Soucy Agency, and ask for our SIPS administrator. By planning today, you may not have to deplete your retirement savings tomorrow.

What important questions will be answered at your free SIPS consultation?

  • How much does it cost to enter a nursing home in your area?
  • Is it much less expensive to receive care at home and is at-home care covered by long term care insurance?
  • What about assisted living facilities or Alzheimer's centers?
  • Can you afford long term care?
  • When should you consider getting long term care coverage?
  • How do you qualify to receive long term care benefits?

Don't miss this opportunity to discuss your concerns and options available to protect you and your assets in your senior years. There's no obligation and the knowledge you gain could help you live comfortably.

For your free analysis, call 401-762-2218 or 800-585-2218, and ask to speak with our SIPS Administrator: Roger Sutherland or send him and e-mail at