5 Reasons Why You Need To Plan For Long-Term Care

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:

  1. Most Americans aged 65 and older will need long-term care. Who Needs Care? | ACL Administration for Community Living
  2. It’s not covered by Medicare. Medicare | ACL Administration for Community Living
  3. It’s expensive. Cost of Long Term Care by State | Cost of Care Report | Genworth
  4. You might outlive your money. Living To 100 Life Expectancy Calculator
  5. 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.