Archive for the ‘ Advanced Financial Concepts ’ Category

The Benefits of Long-Term Care Insurance

Presented by Advanced Financial Concepts

As the average population of the United States ages, more individuals will require some form of long-term health care. In fact, some studies suggest that up to 70 percent of Americans will require some form of long-term care during their lives. As its name implies, long-term care insurance covers costs associated with long-term medical care, including at-home care as well as stays in assisted living facilities, nursing facilities, or rehabilitation centers.

Although individuals typically consider purchasing long-term care insurance as they get older, purchasing coverage earlier in life can be advantageous. Purchasing long-term care coverage when younger can offer lower premiums while affording additional coverage in case an accident or unexpected injury strikes that requires costly, extended medical care.

Additionally, although Medicare currently covers long-term care for senior citizens in the U.S., regulations require that an individual’s assets be exhausted prior to Medicare coverage beginning. Thus, long-term care coverage may be a wise choice to avoid medical costs decimating an estate.

About Advanced Financial Concepts: Offering a wide range of financial planning services, Justin F. Shaw and his Houston firm, Advanced Financial Concepts, assist clients with matters such as insurance, tax advice, and estate planning.

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Financial Planning for New College Graduates By Justin F. Shaw, CEO of Advanced Financial Concepts

Despite living through a tight economy, students preparing now to graduate from college should not despair regarding their financial future. Instead, they should use the current economy as inspiration to create a solid financial plan for the future and plant the seeds of a more secure retirement.

In addition to finding employment, developing a plan to pay back student loans should be a first priority for new graduates. Whether the repayment plan lasts 10 years or 30 years, students should take steps to start paying early and keep paying their loans back.

Second, new graduates should develop a routine of tracking their spending habits and limiting their consumption. Keeping credit card spending to a minimum and staying current is also a crucial practice to learn at this age.

Third, new graduates should start saving. Even if they start with only a minimal amount, learning to set aside money for savings and investments sets the tone for a lifetime of sound financial practice.

Finally, turning dreams into concrete goals will help new graduates move into their future. Rather than thinking about becoming wealthy, graduates should establish solid goals for income savings that can be measured and updated as their career progresses.

About Advanced Financial Concepts:

Based in Houston, Texas, Advanced Financial Concepts is led by Justin F. Shaw, CFS, RFC, and is backed by a team of highly trained financial advisers.