It may not be pleasant to think about, but the majority of retirees will eventually need some sort of assistance in retirement. Long-term care, or LTC, is a serious concern and should be factored into your retirement plan.
Long-term care insurance is one of the most popular ways to prepare for the possibility of assistance in retirement. LTC insurance can help cover a variety of services for a longer period than may be covered by traditional health insurance, like assistance with daily activities including bathing, dressing, and so on.
LTC insurance can help cover the costs of chronic medical conditions, disabilities, and other disorders. Most LTC policies will at least partially reimburse you for care in your home, a nursing home, an assisted living facility, or an adult day care center.
LTC costs are an important consideration in financial and retirement plans, especially once you reach age 50. Don’t wait to buy coverage until you need it – you may not qualify if you already are experiencing a debilitating condition. Plan ahead now to save stress – and money! – down the road.
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