As you prepare for your retirement, no matter what your age, it can be a challenge to think about long-term care. It’s difficult to imagine you or your loved one suffering from a debilitating disease or having to secure long-term care when life is good. But a secure financial future should include long-term care insurance. Here are three signs to look for in order to know if long-term care should be in your future.
1. You want assurance that you will be able to cover costs beyond normal living expenses.
That’s one of the comforts that long-term care provides. It’s easy to overlook the costly expense of paying for medical services and long-term care. But it’s likely that many retirees will need some type of services that are outside of the scope that Medicare provides for. And when you’re facing that situation, you’ll be glad that you included long-term care insurance as part of your retirement plan – rather than having to deplete your savings account.
2. You have current health risks or a family history of them.
If you have a history of Alzheimer’s or cognitive impairment, or other serious conditions, in your family history, you may be more likely to require long-term care.
As a result, it’s important to plan for long-term care sooner rather than later. In these types of situations, you or your loved one may need round-the-clock care in order to maintain quality of life. With long-term care as part of your retirement, you’ll be ready to face anything.
3. You want to effectively plan for the future.
The best time to plan for your future is now – when you are still able to make important decisions and take the time to learn about services and costs. When you’re pressed to make decisions out of need, it’s more difficult to properly plan for long-term care. Whether you’re thinking about an aging parent, yourself or a spouse, take the time now to prepare for retirement.
Whether you’re decades away from retirement or it’s right around the corner, be sure to consider long-term care as part of your retirement planning. The experts at Wylkan Estate Planning can help you create a retirement plan that covers all the important components. We ensure that your retirement plan is comprehensive and paves the way toward the twilight years you’ll be looking forward to. Start Planning with us today!« Back to Blog