Ep 16: Planning for Long-Term Care Expenses

December 2, 2021

When you plan for retirement, you may be thinking about days at the beach or never having to work again. Some worry about whether or not they will run out of money. But where does long-term care rank in concern?

Most of Troy and Alan’s clients who do worry about it are those who have seen it firsthand. Often though, clients need to be reminded to make a plan to address it. Will you try to self-insure? In retirement, you want to preserve what you have and keep what you’ve saved. How can you keep your money with your family instead of a nursing home or long-term care facility? You don’t know how long you might be there, and the bill can get pretty high.

Is long-term care insurance worth having? With any type of insurance, you’re transferring the risk to an insurance company. Long-term care insurance is expensive, but you might be spending far more than that if you need care. There are also hybrid life insurance policies that can provide for you and your family either way.

What other options do you have when it comes to preparing for long-term care expenses? Troy talks about annuities, some of which have a home healthcare doubler. This rider can be used to help cover long-term care costs. There are a lot of ways to address the issue past just rolling the dice and hoping for the best.

Reach out to an advisor today to see how you can prepare yourself financially in case of long-term care needs in the future.

Listen to the entire episode or skip ahead using the timestamps below.

0:40 – Alan is enjoying Florida right now!

2:41 – How often do clients consider long-term care expenses?

4:51 – Can you self-insure against long-term care expenses?

7:26 – Should you get long-term care insurance?

10:51 – What other ways can you protect yourself?


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