It’s National Long Term Care Awareness Month. It is important to educate ourselves about this growing need and initiate constructive conversations with our loved ones.
Mention the term “retirement plan” and what comes to mind? Most people think of things like investments and saving plans; leaving the workforce; travel; taking up a new hobby; Medicare–even drafting a will. As retirement age approaches, the majority already have a plan in place involving at least some of these factors. But, what about a plan for Long Term Care?
With advances in medicine and increasingly healthy lifestyles, people are living much longer. For this reason, long-term care planning has not only become a reality, it is now also a necessity. In fact, it should be just as important as drafting a will or building retirement savings. The fact is that at least 70% of people over the age of 65 will need long-term care services at some point.
Consider this; we all take protective measures to cover the cost of damages to our cars, in case of an accident, and our homes, due to fire or other disaster. Yet fewer than three percent of Americans own a long term care insurance policy. See the chart below to learn the greatest risk in retirement:
Don’t be unprepared when the need for long term care arises. Start discussing your desires and plans with your loved ones. And for professional guidance, an independent financial and insurance advisor can answer questions and help you build a long term care strategy for the way you want to live.