Long-term care insurance (LTC) is a critical but often overlooked component of retirement planning.
Many people think they don’t need LTC because they’ll get Medicare when they retire. But Medicare often doesn’t cover long-term care services like assisted living or skilled nursing care. The U.S. Department of Health and Human Services estimates that 70 percent of 65-year-olds will need some type of long-term care in the future, so it’s a good idea to know what your options are now.
Without proper planning, the burden of providing elder care and nursing services often falls to a spouse or other family member. A plan for LTC coverage can help minimize the financial and emotional impacts on your loved ones if you end up needing these services. Long-term care coverage, like any other insurance, is least expensive when you don’t need it…so it’s a good idea to keep informed and see if it makes sense for you, your family, and your financial future. If you need more details, let’s connect.