Strategies for Addressing the Long-Term Care Threat

What are the real risks that you will need long-term care in your lifetime? Here is the answer to the question...It's either 0% (you'll never need it) or 100% (you'll need it).

I call it the "lottery you don't want to win...though the odds are significantly greater that winning the lottery.

Now, your planning strategies need to be based on this number... 0% or 100%.

• Be very serious about taking care of your health to minimize the chances that you may eventually need long-term care.
  


• Buy long-term care insurance. Buy according to what you can afford so that the insurance will pay for some, but not all, of the potential expenses. Some insurance is better than none.



• Maintain a reserve of savings that's dedicated to long-term care and won't be used for generating retirement income.



• Keep your home equity in reserve for the day when you might need long-term care. At that time, you might take out a reverse mortgage or home equity loan.



• Stay on good terms with your kids!



• Make sure to include your spouse when developing your strategies, and tell your children and close relatives about your plans. This way, they know what you've planned and can carry out your wishes, should you be unable to tell them.

Planning for long-term care may not be the most inspiring part of your retirement planning, but it's simply something you cannot afford to ignore.

Simplify your long-term care financing and planning with a
Long-Term Care Specialist!