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Should you consider long term care insurance?

If you are nearing retirement, you may be focused on planning on how to make your savings work throughout your golden years. This is a worthy consideration given that financial planning is an indispensible part of retirement planning. This is because as people age, the potential for getting sick or suffering severe injuries increases dramatically. Both of these maladies can be very expensive experiences that may not be covered by Medicaid or Medicare.

In the midst of your planning, you may see many commercials advertising the need for long term care insurance, as they often target soon-to-be retirees with meager savings. Before getting on the phone with a representative and taking part in the accelerated sales pitch, it would be prudent to meet with an experienced estate planning attorney to completely evaluate the need for long term care insurance. You may find that long term care may still be much more expensive than what you can afford in spite of your wealth and income streams.

Indeed, the chances of ending up in a facility for an extended period of time (more than six months) is not very good. This is because the majority of people do not stay very long. Overall, about 1/3 of all people actually spend time in rehabilitation centers. Of those who do go to care facilities, the majority will only spend a few months there. However, with some facilities costing $5,000 per month, why take the chance of whittling away all of your assets.

If you have further questions about the benefits of long term care insurance, an experienced lawyer can help.

The preceding is for informational purposes only and is not legal advice.

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