Should your retirement prep include long-term care insurance?

Should your retirement prep include long-term care insurance?

If we live long enough, there comes a day in most people’s lives when they are no longer able to care for themselves. Some go to live with their adult children and others go to nursing homes.  Some elderly people manage to stay in their own homes a few years longer with the help of visiting caregivers.

Although custodial care at home is a desirable choice for most people, the cost of in-home care is often beyond what the family can afford and is not covered by Medicare.

Families can plan for this option by purchasing long-term care insurance. Learn more about what you need to know to make an informed choice with this Do You Need Long-Term Care Insurance? infographic.

Acting early can make this option more affordable because the longer you waiting the higher your premiums will be and the more difficult getting a policy will become. Do your research ahead of time, so when the time comes, you face an easier transition into an elder care facility - and when you do, know that Angie’s List offers listings on over 380 nursing homes in Chicago.

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No formula for long-term insurance needs

Seventy percent of people who reach the age of 65 will need long-term care at some point in their lives. Is long term care insurance right for your financial situation, or is a savings and investment strategy best for you?

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