Tuesday, March 13, 2012

Can’t get long-term care insurance? Here’s an idea then …

Planning for long-term care is not on the top of most Boomers’ priority lists. After all, who wants to think about the possibility of their health changing and then needing help with bathing, dressing, and the other things we take for granted?

The simple truth is, though, according to the U.S. Department of Health and Human Services, when you reach 65 you have a 40% chance of going to a nursing home. And once you’re there, there is a 10% chance you’ll stay for at least five years.

The cost … over $70,000 per year. And a $350,000 hit could be devastating to your retirement dream.

As you can see then, long-term care planning is really part of retirement planning.

Long-term care insurance is one way to protect your nest egg from this kind of blow. Policies come with a wide range of benefits, which means you can have one designed just for your needs, and budget.  

But suppose you are uninsurable? Does that mean you’re flat out of luck if you need long-term care?

Not necessarily …

In my book, A Boomer’s Guide to Long-term Care, I explain your eight options when planning for long-term care. Plus I give you several strategies you could use if you don’t qualify for insurance.

Here’s one of them:

Look at your life insurance policies. They might include a provision that will let you withdraw a portion of the death benefit to pay long-term care expenses.

Want to see more ideas? Then pick up your copy of A Boomer’s Guide to Long-term Care, right here, for just $9.95.

Best wishes,


1 comment:

  1. Almost anyone can implement for this form of policy, although solutions will decline this support to people who have pre-existing illnesses.

    personal injury compensation milwaukee