Navigating Long Term Care Planning
When you are looking to retire from a career that has offered you Health Benefits, Life Insurance, 401K Retirement Investment options, and maybe even Long Term Care Insurance, you face retirement with so many questions. How are you supposed to do it all alone?
The great news is, you don’t have to navigate the craziness alone.
Let’s tackle our 4th topic, Long Term Care planning. When we think of Long Term Care needs, we might start to think about a loved one we watched go through a health condition that required assistance with their daily needs. When you saw this happen, how did it make you feel? What did it make you think? Did you start to think about your own future and what it might hold?
If you’re anything like me, I’m in total denial. It will never happen to me. I am going to be happy, healthy, and fully functional the entirety of my life. Right? (I also plan to live forever in this blissful state.)
I am sure that is what everyone who has gone through a Long Term Care need thought before it happened. The reality is, 7 out of 10 of us will need some sort of long term care. That is a lot of us. The other 3 out of 10, will be caregivers. Crazy thought, isn’t it?
The other side to this topic is the expense of it all. Rising healthcare costs seem to be the number one cause for financial stress among retirees. A long term care need can be the main reason for a retired person to face financial ruin.
There are a few different ways you can approach the expense of this care need: self funding with personal savings, Long Term Care Insurance policy, Medicaid if you qualify, hybrid Life Insurance policy that includes a Long Term Care rider, and finally rolling your assets into a financial vehicle that enhances what you already have to create an even bigger pool of money for Long Term Care. What you do completely depends on your situation. I am happy to help you review your thoughts and goals and see if there is a simple plan you can put in place. Just give us a call or text: 720-665-6015.
