Steven Lippman discusses avoiding paying out of pocket for long-term care expenses.
Listen to the interview on the Business Innovators Radio Network:
Steven explained: “One of the most important steps in avoiding out-of-pocket long-term care expenses is to purchase long-term care insurance. It’s a good idea to shop around for different policies and compare coverage, benefits, and costs so people can find one that fits their needs. Long-term care insurance is usually purchased through an employer or private insurer. It can help cover the cost of skilled nursing services, personal care assistance, home health aides, adult day care, and respite services.”
Other options are available for those who don’t have access to long-term care insurance. Medicaid provides benefits in some cases to those who qualify financially. Medicaid also provides coverage for nursing home stays if needed and home health care with certain restrictions in place. In addition, some states offer programs that help pay for long-term care services.
If someone cannot receive financial assistance through Medicaid or a state program, there are alternatives for paying for long-term care expenses. One is to set up a trust fund that can be used to cover the costs of any necessary services and supplies. Another option is to use personal savings or investments to pay out of pocket for long-term care expenses. It’s important to plan ahead and make sure to have enough saved up in case of an emergency.
No matter which routes people choose, it’s always a good idea to talk with an expert about their options so they can make an informed decision. Proper planning and preparation can reduce the risk of paying out-of-pocket for long-term care expenses.
Christopher Bachman, from Boca Raton, FL says: “In 2008, we had the great fortune of meeting Steve and began to benefit from his services. Steve’s calm, analytical manner of looking at an insurance or financial plan and his ability to seek out what are the true needs and hopes of his client, have proven to be outstanding. Steve has helped us improve our insurance portfolio covering: life, long term care, annuities, Medicare supplements and health. We now contact Steve with all of our insurance needs and have grown to trust him and his recommendations more than any other insurance provider we have ever had.”
Norma H. Engelhardt from Palm Beach Gardens, Fl says: “We have been clients of Steve Lippman since 1990. We have bought life insurance, annuities, Medicare supplements, and long term care policies from him, but the best thing he has done for us was to guide us as we moved our IRA account into an equity-indexed annuity. When the market crashed, we were protected. Our friends who were still invested fully in the stock market were jealous. Thank you, Steve!! You are a true professional and a trusted advisor.”
About Steven A. Lippman
Lippman Insurance Group, LLC, is an insurance agency in Boca Raton, FL & Alpharetta, GA headed by Steve Lippman, LUTCF, MBA. Steven has over 30 years of experience with various types of insurance for both individuals and businesses, securing families and business owners and their assets. He also works with local estate attorneys and CPA’s to provide a range of sophisticated services to clients.
After growing up in New Jersey, Steve earned a B.A. in Economics from Vanderbilt University and an MBA in Marketing Research from Cornell University. An avid fitness, music, and sports enthusiast, Steven has been a devoted coach of local youth soccer, baseball, and hockey leagues.
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