Your Ideal Life Tip: Don’t Disregard Long-Term Care Coverage

04 Nov 2015

Once you have retired, assuming you have planned well to fund a vibrant lifestyle, the risk you face is one of a long-term care event. With the cost of quality care in the $70,000 per year range and rising, and the average stay in a care facility approaching three years, ask yourself what the financial impact of a $200,000 depletion of assets would do to the quality of life of those whom you leave behind?

This is a subject with a lot of emotion attached to it ranging from, “My family will take care of me,” to, “I really don’t care; I’ll fund it when the time comes.” I offer the following two professional observations:

  1. If you can’t afford the premium, then you certainly can’t afford the event.
    • If you can’t afford a few hundred dollars a month, how are you going to afford thousands of dollars a month?
  2. Even if you have the money to self-insure, why would you?
    • It is almost always more cost effective to transfer the risk than to reserve it for yourself.

For today’s retirees, long-term care coverage is a key part of living your ideal life in retirement. Contact us today to make sure you are planning for the unforeseen risks that can interrupt or alter your retirement.


Brad Berger
Brad Berger

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