“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.
Her Retirement 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