What Type of Long-Term Care Insurance Policy is Right for Me?
Have your question answered on the Money Wisdom Question Series!
Today’s question is: What type of long-term care insurance policy is right for me?
There are different types of policies out there and buying an insurance policy for long-term care is not the only option. Knowing what’s right for your situation and how it fits into your larger retirement plan is so critical.
Policy Should Align with Your Lifestyle
How am I managing my funds to support my specific lifestyle? How am I preparing for unforeseen medical expenses? And more importantly, how am I developing a long-term care plan to achieve my goals?
All of these aspects should harmoniously come together to create a comprehensive and tailored plan that aligns with your lifestyle.
Which Policy Is Right for You?
Do you want to pay for long-term care? Unfortunately, nowadays, if you’ve ever looked at the prices, it is expensive and there are different types of policies that vary in costs.
Some policies provide coverage for the entire duration of the stay, while others utilize a combination of Social Security and pension to cover the costs.
Another option is to self-insure. Self-insuring means intentionally choosing not to pay the premium, which may be expensive. Instead, you are willing to eat the big cost of that long-term care in the event you need it.
When planning for long-term care, it is crucial to take this into consideration, regardless of the approach you decide to take.
Long-Term Care Costs
That cost could be $10,000 a month for home health care. It could be $15,000 a month for nursing care. It could be even more, so that is not something that you should jump into without giving it serious consideration.
Talk to a Financial Planner
Before moving forward, have a conversation with your financial planner to ensure peace of mind, knowing that the decisions made are well-informed and will provide protection for both you and your loved ones if nursing care becomes a reality.
Information presented in our podcasts is considered current as of the created date. Over time, some information presented may become stale. We recommend you consult with your Financial Professional before making any changes based on information contained here.
Johnson Brunetti is a marketing name for the businesses of JB Capital and JN Financial.
Investment Advisory Services offered through JB Capital, LLC. Insurance Products offered through JN Financial, LLC.
The guarantees provided by any type of insurance contract are based on the claims-paying ability of the insurance company.
Related Resources
-
Identity Theft: What to Do If Your Identity Is Stolen
In the digital age, the threat of identity theft is at an all-time high. Sophisticated cybercrime tactics and schemes have left us more vulnerable to online scams than ever before. So, what can… -
The Road to Retirement – Don’t Go it Alone
Achieving the retirement you’ve always dreamed of often requires careful planning. While the do-it-yourself approach may be difficult to shake, consider the benefits of seeking professional advice… -
What Updates Can We Expect for Social Security in 2025?
A new year means new rules for retirement plans. Let’s start with one of the largest sources of income for millions of retirees: Social Security. What changes can we expect in 2025? Heath Gross… -
Getting It All Together for Retirement
After a long, fulfilling career, the time has come to embrace the next chapter. You may have envisioned the age at which you’d retire since you began working, but it’s important to distinguish bet… -
Key Questions for Planning Your Retirement Income
Replacing your income in retirement is a significant undertaking that raises many important questions and requires careful planning. First and foremost, it’s essential to have a retirement income … -
Health Care Expenses in Retirement
Of all the expenses to expect in retirement, health care often makes up a significant portion of your costs. Monthly premiums, out-of-pocket expenses, and services not covered by Medicare can quic… -
Income Planning 101
You’ve spent the last few decades saving for retirement but are you truly prepared? To help address any concerns or uncertainties you may have, you need an income plan – one that considers every f… -
Frequently Asked Social Security Questions
Almost every American is impacted by Social Security in some way, so it’s no wonder that it’s one of the most frequently asked topics in retirement planning. When and how you start taking benefits… -
Maximizing Your Social Security Income
Social Security can serve as a safety net for many retirees, sometimes acting as a primary source of income. However, the program is highly complex with over 500 ways to claim benefits. Even one o… -
How Much Money Can I Spend in Retirement?
“How much can my spouse and I realistically spend in retirement at age 62 with $1 million saved?” Today’s hypothetical couple is asking the very question that most pre-retirees ponder when gearing…
