Long Term Care: Navigating Beyond Retirement
Tackling the Tough Topic
On average, a person who needs long-term care benefits requires assistance for about 3 years.
Needing long-term care puts an enormous emotional and physical strain on your loved ones and family members. By planning ahead, you can help reduce this burden.
Also, as you age, your health may change, which could make it difficult to get coverage. That’s why it’s important to start planning now while you have the most options.
The greatest gift of long-term care insurance is that it allows loved ones to supervise your care, and not have to provide your care.
What Is Long Term Care?
Long-term care (LTC) goes beyond medical care to include all the assistance you could need if you ever have a chronic illness or disability that leaves you unable to care for yourself for an extended period of time (longer than 90 days). While older people generally require the most long-term care services, a young or middle-aged person who has suffered a debilitating illness or accident may also require assistance.
You may require long-term care due to:
Dementia/Alzheimer’s
Stroke
Complications with diabetes
Other chronic conditions
70% of people aged 65 and older will require some form of long-term care in their lifetime.
What is your plan?
By not allocating funds for long-term care, you risk jeopardizing your retirement assets.
Who would you want to care for you?
Your children, your spouse, a qualified professional? How would this affect the lives of your loved ones?
Where would you like to receive the care?
Your home, an assisted living facility, a community center, a nursing facility, your child’s home?
How will you pay for your care?
Will you use your own assets? If so, which assets would you use first? Are these assets in taxable accounts? Are they liquid? Or will you leverage a long-term care insurance policy?
