Is Your Retirement Plan Missing an Essential Piece?

Long-term care is a major risk, that too many people don't account for and could wipe out your retirement savings.

Few issues are more compelling than the need for long-term care. As our population ages, and as more and more people live longer in their retirement years, it's likely that a larger number will be forced to confront this issue. In fact, according to the U.S. Department of Health and Human Services, about 70 percent of individuals over age 65 will require at least some type of long-term care services during their lifetimes. The question is, will they be prepared?

There are several ways to address long term care cost and planning. This includes covering cost with investments after core retirement cost are sufficiently saved for and covered and the second is long term care insurance or combination of the two. We can help you plan this out into your overall retirement plan.

You may want to consider buying long term care insurance if don't have enough in assets to reasonably self-insure against the risk. Now, you may be thinking: What about government programs? Can't they help? Don't make the mistake of believing Medicare will cover long-term care costs. It doesn't.

Long-term care insurance is a policy that helps individuals cover care expenses when they have a chronic medical condition, disability, or disorder. Long-term care assists with daily activities and can be used within an individual's home, a nursing home, adult day care or an assisted living facility.

Purchasing long-term care insurance can give you peace of mind and protect the nest egg you worked so hard to build. You'll know that if you do become ill, you can afford the care you need and still have enough money left over so you and your spouse can live on. Plus, your kids won't be burdened with huge payments for your care.

As with most insurance policies, you must consider purchasing it before you need it, as policies become either unavailable or prohibitively expensive once it becomes clear that you need the protection.

Planning for long term care is an easy thing to put off. Maybe you think you're too young, can't afford it or simply won't need it. But if you want to help preserve your choices about future care and have retirement assets and personal savings to protect, then long term care insurance could be the right vehicle for you.


Here are 10 reasons why it may make sense for you

  1. To help protect your assets, personal and retirement savings.
  2. To help preserve your quality of life.
  3. To have options for your care-with long term care insurance, you can choose to participate in deciding where and how to receive care.
  4. To have access to appropriate care-the right policy helps ensure that the care you receive will be appropriate for your needs.
  5. To relieve the burden of care from your loved ones.
  6. To help leave your assets to your family, friends or charity-long term care services are expensive and, without proper planning, can quickly use up a lifetime of savings.
  7. To gain access to a professional care coordinator in a time of crisis. A professional can help you and your family coordinate your long term care needs, which may include locating services to help with a particular illness, injury or condition.
  8. To enable you to stay in your home for a longer period of time-comprehensive long term care insurance offers you the option of staying in your own home for as long as possible.
  9. To stay with children without depending on them for care-long term care insurance may make it possible for a parent to stay in a child's home without being dependent on him or her.
  10. To help you and your family plan for the future.