If you’re approaching retirement, you’re probably assuming that most of your health care costs will be covered by Medicare. To a certain extent, that assumption is correct. The combinations of Medicare parts A and B cover a large portion of hospitalizations and trips to the doctor’s office. Part D covers a substantial share of prescription drug costs.
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.