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:
- 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?
- 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.