Scott Leonardi discusses the importance of extended care coverage
Listen to the interview on the Business Innovators Radio Network: Interview with Scott Leonardi Founder of Complete Solutions Discussing Home Healthcare
Scott Leonardi, founder of Complete Solutions, to discuss the critical topic of home health care and nursing home care. Scott emphasizes the growing need for long-term care services, revealing that statistically, seven out of ten people will require some form of long-term care in their lives. The discussion explores common misconceptions surrounding long-term care plans and highlights the importance of preparing for potential health challenges as we age.
In today’s society, the realities of aging and health care needs are often overlooked. However, statistics reveal a compelling truth: seven out of ten people will require some form of long-term care during their lifetime. This statistic underscores the critical importance of planning for potential health care needs in the future.
Long-term care encompasses a range of services designed to meet the personal care needs of individuals who are unable to perform basic daily activities due to chronic illness, disability, or aging. This care can take various forms, including:
- Home health care: Assistance provided in the comfort of one’s home.
- Assisted living: Residential facilities that offer support with daily activities.
- Adult daycare: Programs that provide care and companionship for seniors during the day.
- Nursing home care: Comprehensive care for individuals with significant health issues.
As we age, the likelihood of needing assistance increases. Scott Leonardi emphasizes that many people hold preconceived notions about long-term care, often believing it won’t happen to them. However, the statistics tell a different story: 70% of individuals will eventually require some form of care.
One of the most pressing issues surrounding long-term care is the financial burden it can impose. The average cost of long-term care in the United States exceeds $10,000 per month, which can quickly deplete savings and assets. Many individuals mistakenly assume that Medicare or their health insurance will cover these costs, but the reality is that most plans do not provide coverage for custodial care, which is often the type of care needed.
This financial strain can lead to significant challenges for families, as they may find themselves unprepared to handle the costs associated with long-term care. Scott highlights that many people do not set aside sufficient funds for this eventuality, often ignoring the need for a comprehensive plan.
Given the high probability of needing long-term care, it is crucial for individuals to take proactive steps in their planning. Here are some strategies to consider:
- Educate Yourself: Understanding the different levels of care and the associated costs is the first step in effective planning. Knowledge is power, and being informed can help individuals make better decisions.
- Consider Long-Term Care Insurance: Traditional long-term care insurance can provide a safety net, although it comes with its own set of challenges, such as increasing premiums. Exploring options like asset-based long-term care insurance can also be beneficial, as they offer a way to leverage existing assets for future care needs.
- Create a Financial Plan: Setting aside funds specifically for long-term care can help mitigate the financial impact. The most strategic way to do this is to use an asset based Long Term Care plan. This leveraging concept can give you a larger, tax free pool of money to use for care. If care is not needed the money goes back to your beneficiaries.
- Discuss with Family: Open conversations with family members about long-term care preferences and financial planning can ensure that everyone is on the same page and prepared for the future.
- Utilize Resources: Books and resources, such as Scott Leonardi’s “Don’t Go Broke in a Nursing Home,” can provide valuable insights and strategies for planning.
Scott shared: “We serve as a trusted partner to our clients delivering smart, personalized planning that helps reduce taxes, protect assets, and preserve wealth across generations”
About Scott Leonardi
Scott Leonardi began serving families in 1995 as a licensed Life & Health insurance agent. In 1998, he founded Complete Solutions, a holistic planning firm dedicated to helping individuals and business owners protect their future. As a Certified Financial Fiduciary® and member of the National Association of Certified Financial Fiduciaries, Scott is committed to putting his clients’ best interests first.
A passionate advocate for financial education, Scott co-authored *Don’t Go Broke in a Nursing Home* to help people avoid costly mistakes that threaten their life’s work. His mission is to align insurance coverage with each client’s unique needs and lifestyle.
Outside of work, Scott enjoys time with his wife, five children, one granddaughter, and three Dobermans—and continues to campaign for that family boat.
Learn More: https://www.completesolutions.insure/
Recent news and interviews:
- Scott Leonardi discusses what can mess up good retirement plans: Scott Leonardi, Founder of Complete Solutions, interviewed on The Influential Entrepreneurs Podcast, Discussing What Can Mess Up A Good Retirement Plan
- Scott Leonardi discusses the importance of guaranteed income: Scott Leonardi Founder of Complete Solutions Interviewed on The Influential Entrepreneurs Podcast, Discussing Guaranteed Income
