Financial Facts

December 2012

LONG-TERM CARE...DID YOU KNOW?


Did You Know...

> About one-third of individuals turning 65 in 2010 will need at least three months of nursing home care, 24% more than a year, and 9% more than five years.
(Source: What Is the Distribution of Lifetime Health Care Costs from Age 65?, Center for Retirement Research at Boston College, March 2010)
> About 71% of nursing home residents are women.
(Source: CDC Vital and Health Statistics, Series 13, No. 167, June 2009)
> The national average daily rate in 2011 for a private room in a nursing home was $239, an increase of 4.4% from 2010.
(Source: 2011 MetLife Market Survey of Nursing Home, Assisted Living, Adult Day Services, and Home Care Costs)
> The average length of a nursing home stay is 835 days.
(Source: CDC Vital and Health Statistics, Series 13, No. 167, June 2009)
> At an average daily rate of $239, an average nursing home stay of 835 days currently costs almost $200,000 making it virtually unaffordable for many Americans.
> Medicare does not pay for long-term care services, as explained by the Social Security Administration:
“About Social Security and Medicare... Social Security pays retirement, disability, family and survivors benefits. Medicare, a separate program run by the Centers for Medicare & Medicaid Services, helps pay for inpatient hospital care, nursing care, doctors’ fees, drugs, and other medical services and supplies to people age 65 and older, as well as to people who have been receiving Social Security disability benefits for two years or more. Medicare does not pay for long-term care, so you may want to consider options for private insurance (emphasis added).”

Without proper planning, a serious accident or illness could rob you of your financial independence.

Whether purchased for yourself, your spouse or for an aging parent, long-term care insurance can help protect assets accumulated over a lifetime from the ravages of long-term care costs.



MESSAGES
from the Masters...

HUMAN RELATIONS

by Zig Ziglar

Abraham Lincoln, truly one of our greatest presidents, had a rather unique approach in trying a case when he was a practicing attorney. He went to great lengths to learn everything he could about what the attorney for the "other side" would say. Then, in his arguments, Lincoln would do a superb job of presenting the case from his opponent's side of the table. On occasion, the attorney for the other side would make the observation that Lincoln had presented the opposition's case better than he could have.

Perhaps you wonder why he took such an approach. First, he wanted to be fair. Second, he wanted to win the case if he believed his client was right. Needless to say, Lincoln then presented his own side with more fervor, facts, and reasons why his side was the right side.

By using this procedure, Lincoln completely robbed the opposition of anything to say and built his own case in a stronger manner. He also wove in more humor and homespun stories when he presented his case. Most people, including jurors, like and trust those who give them cause to smile and who bring homespun logic to the table.

What Lincoln did was simple. He practiced great human relations and used his abundant common sense. He wanted right to prevail and when he presented his case, as a general rule, the right side did win. Think about it.

Brought to you by:

Jeffrey N. Schweitzer, EPA, CEP, ATP

Northeast Financial Strategies Inc

667 South Street
Wrentham, MA 02093
800-560-4637
jeff@nfsnet.com
http://www.nfsnet.com

About our firm:

Offering Financial & Estate Planning, Investments, Insurance, Accounting, Payroll, and Income Tax Preparation for Individuals & Small Business. "Financial Strategies That Fit YOUR Needs!"

QUOTES
from the Masters...

On Experience

"Don't let the learning from your own experiences take too long. If you have been doing it wrong for the last ten years, I would suggest that's long enough!"

-– Jim Rohn

"For years I have been accused of making snap judgments. Honestly, this is not the case because I am a profound military student and the thoughts I express, perhaps too flippantly, are the result of years of thought and study."

-- George S. Patton

On Mastery

"With more success, comes greater problems along with greater ability to solve them."

-– Mark Victor Hansen

"Challenge everything you do. Expand your thinking. Refocus your efforts. Rededicate yourself to your future."

-– Patricia Fripp

"A professional is a person who can do his best at a time when he doesn't particularly feel like it."

-- Alistair Cooke

The purpose of this newsletter is to provide information of general interest to our clients, potential clients and other professionals. The information provided is general in nature and should not be considered complete information on any product or concept described.

For more complete information, please contact my office at the phone number above.

Published by The Virtual Assistant; 2012 VSA, LP

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Thanks!


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