Long Term Care Expenses Often Unaccounted for

Long term care expenses account for one of the largest unaccounted risks retired individuals may face. Costs can range from low to several hundred thousands in dollars, depending on your individual level and duration of care. You may know someone yourself who faced an unexpected need for long term care and was faced with drained financial resources to match.

When navigating through the costs of long term care throughout retirement, there are three main ways to tackle the costs. One approach would be to self-fund or tap into funds set aside within an investment account. Another option would be to obtain a traditional long term care insurance policy to help cover your future costs of care. The third option involves obtaining a hybrid policy to help cover your future costs of long term care. The best approach for you will depend on your individual financial profile.

If you plan to receive care within a high quality facility or even at home and find yourself within a medium to high income range you might consider obtaining some type of long term care insurance. You will want to shop around for a policy that will cater to your specific needs and qualifications. The best approach is to plan ahead and plan for all potential events and costs should you later require care. It also may be helpful to work with a skilled professional to help guide you through these uncharted waters.