Long-Term Care Considerations
As we discussed in a previous post, it is no secret that the biggest fear Americans have about retirement is the cost of healthcare. In that piece, we discussed Medicare and provided a Medicare policy selection framework for identifying the coverage that best suits your healthcare needs in retirement. Today, we aim to tackle the other side of the healthcare coin: Long-term Care.
The market for Long-term Care insurance is one that has changed dramatically over the past few decades. Although often conflated with basic Medicare coverage, long-term care insurance is a separate entity that covers different expenses. When Americans cite healthcare costs as their primary concern about retirement, they are often referring to the costs associated with Long-term Care. After all, it is typically not the short-term hospital visits, routine checkups, and prescription drugs that have the financial severity to deplete one’s assets quickly, but rather, it is funding multiple years of assisted living and the services that come along with it.
The piece linked below was provided by the M Financial Group and looks at the different considerations to examine in preparing for long-term care services, and provides a framework for the role LTC coverage could play in your overall financial plan.