Long Term Care

Most people prefer not to live in a “Nursing Home” in their retirement years, however sometimes we have no choice for ourselves or our love ones.

Long-term care insurance policies tend to be expensive, but newer products help consumers protect against the care expenses that come with aging.

Newer policies are a hybrid that allow money to be used for many different purposes, including in-home and rehabilitation care.

Some policies offer death benefits in the addition to long-term care, which can be used in the event you die before using your long-term care benefits.

Based on history, the average individual can expect to have 20 healthy years after the age of 60. After the age of 85, you can expect your health expenses to climb.

As we age the chances of outliving our savings and investment assets increase without proper financial planning.

For some individuals, long-term insurance is a problem beside the cost factors they might be uninsurable therefore the need for additional retirement planning may be necessary.

It’s a good idea to sit down with an insurance specialist as well as an investment advisor to review your retirement plan.

It is also a good idea to comparison shop when seeking any insurance product.

Don’t forget to also consult with an estate planning attorney to review your Will and estate trusts.

Since I am on the subject of medical care; if you own any pets and would like to save money on their health costs, take a look at the following article.

HOW TO SAVE MONEY ON YOUR PET’S MEDICAL CARE

Daniel F. Iuculano, AAMS CMFC

Accredited Asset Management Specialist

Chartered Mutual Fund Counselor