It’s not a fun topic. We get that. But it just might be the most important thing you do to protect your financial security.
Here are five key reasons:
- Most Americans aged 65 and older will need long-term care. Who Needs Care? | ACL Administration for Community Living
- It’s not covered by Medicare. Medicare | ACL Administration for Community Living
- It’s expensive. Cost of Long Term Care by State | Cost of Care Report | Genworth
- You might outlive your money. Living To 100 Life Expectancy Calculator
- Do it for her. Long-Term Care is Double Trouble for Women! – Long-Term Care Insurance America
There are many other reasons including protecting assets and income in retirement. What clients tell us about planning for long-term care expense includes:
- Not burdening kids
- Able to afford quality care
- Remain in their home
- Transfer wealth to kids
- Not run out of money and be able to meet financial obligations
- Not impact the standard of living of a healthy spouse if one needs care
Without a plan all income and assets are at risk for care costs.
The Shopper’s Guide to Long-Term Care Insurance published by the National Association of Insurance Commissioners is an excellent resource to learn more about this topic. Here is a link to the booklet: Shoppers-Guide-2019.pdf.