November is Long-Term Care Awareness Month - What's Your Plan?
Aging support, both physically and financially, is a reality many adults shy away from discussing - but leaving long-term care planning until the last minute can be costly.
The Administration for Community Living (ACL) defines long-term care as a range of services and supports you may need to meet your personal care needs, with most of the care provided as non-medical basic personal tasks of everyday life. This care can be for people of any age as a result of chronic illness, an accident, a progressive condition, or the simple act of aging.
While genetics and healthy habits play a part in aging, the ACL reported that nearly 70% of adults turning age 65 will require some type of long-term care. Incorrectly assuming Medicare or health insurance will cover these costs will limit individuals from adequately preparing for these expenses. A 2023 data analysis by the National Council on Aging found that 80% of older adult households are financially struggling, and 60% of those who prefer to live at home would be unable to afford two years of in-home long-term services and supports.
Certified long-term care professional, Carol Brandt, CLTC®, a Palatine resident and president of Brandt Financial Concepts, Inc., is passionate about long-term care planning. She, alongside husband and co-owner Jim Brandt, are celebrating 40 years in business. Both Brandts are active in the community with a drive for educating adults of all ages in creating a plan of care. "It's important to have financial and long-term care plans in place before a crisis," said Brandt. "Options are limited after something goes wrong, and many are shocked when their non-skilled long-term care isn't covered." Personal insurance, Medicare, and Medicare supplements never cover long-term care.
Brandt recognizes that our community is diverse and finds that people are often confused when it comes to incorporating extended/long-term care planning into their overall financial plans. As a result, this type of planning can end up on the back burner. Her goal is to inspire those she meets to incorporate ideas on aging well, living well and planning well into their daily lives, which she does both in business and through volunteering. Carol is a frequent guest speaker for Elderwerks Educational Services in Palatine, educating the community on topics such as establishing a long-term care plan, qualifying for married and non-married partner discounts, exclusionary language concerns, pre-existing conditions, tax advantages and more during live and virtual interactive discussions.
On Wednesday, Nov. 15, Carol Brandt, CLTC® will uncork the conversation of long-term care planning basics from 5:30-7 p.m., at the Elderwerks headquarters at 251 E. Northwest Highway, in Palatine. Reservations are required for both Zoom and in-person attendance. There will be a 30-minute reception with refreshments, small bites and dessert from Morkes Chocolates in Palatine, with raising a celebratory glass to Brandt Financial Concepts, Inc., celebrating its 40th year in business. For information and registration, visit Events@Elderwerks.org or call (847) 462-0885.
Carol Brandt, CLTC® is president of Brandt Financial Concepts, Inc.
She can be emailed at carol@brandtfinancial.com or by phone at (847) 358-8600.