Do you have a plan in place to pay for your care later in life? A private room in a skilled nursing facility can cost upward of $100,000 a year. Medicare covers only short- term nursing home stays and limited home care during periods of rehabilitation. It doesn’t cover care that includes help with day-to-day tasks. But a study done by the U.S. Department of Health and Human Services found that about half of today’s 65-year-olds will need long-term care services in their lifetime. Failing to have a plan means gambling with your future, and for half of us, that would be a very bad gamble. The two main arguments for getting long-term care insurance are to provide a safeguard against depleting your savings and to ensure access to as many options for care as possible. The more you can afford to spend for long-term care, the better the care you’ll get. In many states, Medicaid doesn’t pay for assisted living at all. Most people who buy long term-care insurance sign up when they are in their 50s and 60s and still healthy. This can be a good strategy to keep your premiums down, as factors like age, health, and gender can have a large impact on cost. Women pay more than men, as they are likely to live longer and make claims, and married people, on average, pay less. In order to access benefits, you’ll need proof that you can no longer do at least two of the six activities of daily, independent living. Depending on the specifics of your plan, you’ll pay for 30–90 days of care independently, then get reimbursed. Understanding when you should purchase long-term care insurance and what type you should get can be a complex and overwhelming process. But at Patriot Wealth, we help people answer these kinds of questions all day, every day. Give us a call so we can help you understand the best options for your specific situation. IS LONG-TERM CARE INSURANCE RIGHT FOR YOU?
VEGAN BANANA PANCAKES
Inspired by My Darling Vegan
• 2 tbsp maple syrup • 2 tbsp coconut oil, melted • 1 tsp vanilla extract • Cooking spray
• 1 1/2 cups flour • 2 1/2 tsp baking powder • 1/2 tsp salt • 2 extra ripe bananas, mashed • 1 cup soy milk
1. In a small bowl, combine flour, baking powder, and salt. 2. In a separate bowl, whisk bananas, soy milk, maple syrup, oil, and vanilla together. 3. Add dry ingredients to wet ingredients and stir. Don’t overmix. Lumps are okay. 4. Spray a heated pancake griddle with cooking spray, and scoop 1/4 cup of the mixture onto the griddle. Repeat until the griddle is filled. 5. After 3 minutes or when bubbles appear, flip each pancake. 6. After each pancake has risen to double its initial height, remove from griddle. Repeat as necessary until batter is gone. 7. Serve with your favorite toppings!
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