2. Protecting Savings with Long-Term
Care Insurance
Connecticut native David Chorney leads Financial
Concepts Unlimited, LLC (FCU), headquartered in
Hamden, CT. He attended the University of New Haven,
from which he earned his bachelor’s degree in
communications in 1980. He spent ten years in video
production before earning his insurance and Series 7
licenses in 1990. After working under other offices, David
Chorney struck out on his own, opening FCU in Branford,
CT in 1998.
3. Protecting Savings with Long-Term
Care Insurance
One of FCU’s main objectives is to help clients preserve
their wealth and protect it from unexpected expenses.
For instance, there are many financial products designed
to protect wealth from the impact of inflation. In
addition, while nobody expects to spend their savings on
custodial care during retirement, this is a reality facing
many Americans.
4. Protecting Savings with Long-Term
Care Insurance
Generally speaking, health insurance, whether provided
by private health insurance companies or Medicare, covers
only actual medical expenses, such as examinations and
treatment for specific ailments. Most people are unaware,
though, that except for limited circumstances, health
insurance does not cover custodial care–nonmedical care
delivered in nursing homes and other care facilities or in
the patient’s home by health care attendants. Yet for
many seniors, especially those with degenerative
conditions such as dementia, custodial care represents the
majority of the care they receive.
5. Protecting Savings with Long-Term
Care Insurance
The costs of long-term care are met from a patient’s
savings until they are exhausted, following which Medicaid
assumes financial responsibility, usually for a reduced
standard of care. People who have developed significant
savings throughout their working lives are in jeopardy of
losing those savings to the costs of custodial care. FCU
works with clients to identify appropriate programs of
long-term or short-term care insurance, programs
specifically designed to protect people’s savings from
being exhausted by the demands of custodial care.