The Importance of Long Term Care

“A person at age 65 has a 70% chance of needing some type of long term care during retirement, but fewer than 8% actually carry any type of long term care insurance.”

What would you do if you were suddenly faced with an additional yearly expense of $30,000 to $60,000 because of unexpected health care needs? Most Americans fear the financial consequences of a long-term illness and are unsure about how to protect themselves against it. What if your current health insurance policy only covered a small part of those costs? This also prompts the following questions:

  • How long could you afford these additional expenses?
  • How would these unexpected expenses impact the estate you hope to leave behind?
  • How would your lifestyle be affected while you are sick?

Long-term care insurance, which covers care received at home as well as care received in a nursing home, may be the right answer to these troubling questions. Long-term care policies can be an affordable and effective solution.

Long-term care is an important issue we could all potentially face. To depend on the government to pay these expenses—whether through Medicare or Medicaid—is not a feasible option. Medicare provides very limited coverage for long-term care, and Medicaid generally applies to only those with very limited assets. It’s important that you mitigate the risk of a Long Term Care event in your retirement plan.

Retirement Solved offers a complimentary Long Term Care assessment to help you determine if it makes sense for you to purchase a policy. Our affiliated advisors also have strategies that help pay for your Long Term Care policy.  Request an assessment with us today


Visit our Long Term Care page in the Knowledge Center for more information