Are you considering long-term care insurance? That could be a wise decision. According to the U.S. Department of Health and Human Services, nearly 70 percent of all Americans age 65 and older will need long-term care at some point in their lives.1
Many retirees will require long-term care for months, and maybe even years. That kind of care and support can be costly and could possibly drain your retirement savings. That's why it is important to consider your long-term care needs now. Long-term care insurance can help you pay for the level of care you desire and protect your assets.
If you’re like many retirees, or soon-to-be retirees, you’re likely busy planning what you will do with all of your newfound free time. You also may be developing a budget and planning an income strategy to fund your lifestyle.
Income isn’t the only thing to plan for in retirement, though. You may also want to plan for something called incapacitation. What is incapacitation? It’s simply a state or condition in which you don’t have the capacity to make decisions for yourself. You’re reliant on others to handle your finances and consult with your doctors about medical issues and decisions.