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Blog Post

Do I Need Long-Term Care Insurance? 

  • By Jen Steever
  • 15 Aug, 2017

How Will It Affect My Finances?

No one likes to think that their health could fail at any point, or that it will likely decline as you age. But it is important to keep these thoughts in mind, especially since the average 65-year-old American has a 70% chance of needing long-term care services in their lifetime.

When you take into consideration that the average medical expenses of a 65-year-old couple can total around $218,000 over 20 years, it's clear why so many people choose to invest in long-term care insurance. For the same reasons, Medicare supplement plans could be a huge money saver in the post-retirement years to come.

If you are wondering whether long-term care insurance is the right financial decision for you, then keep reading to learn more.


What Is Long-term Care?

Long-term care, also known as custodial care, is professional help with "activities of daily living." Despite what many people think, this includes mostly non-medical services such as help with bathing, dressing, using the restroom, eating, or assistance getting to or from the bed.


How Is It Paid For?

Generally, long-term care services and assistance is paid out of pocket, by family members, or by insurance companies. Alternatively, more and more retirement-age couples and individuals are choosing to invest in long-term care insurance for peace of mind.

Medicare does not, unfortunately, cover the cost of most long-term care services. This is because they're not technically medical services. Medicaid will cover some, but not until you have no other resources in most cases.


How Does Long-term Care Insurance Work?

This may be a savvy financial strategy if you can set aside money while you're younger and working. However, before purchasing a policy, make sure you read the fine print like all contracts.

You should start investing in this insurance while you're young to get the best rates and premiums, as they do increase as you age, especially as you approach 65 or older. You can pay the insurance premiums with an HSA account, which can even give you a small tax break.


How Should Long-Term Care Affect Financial Planning?

Whether you choose to invest in long-term care insurance or not, you should be thinking about the ways future medical costs will affect your finances later in life. One of the biggest mistakes people make when saving for retirement is failing to factor in these costs. That's why working with trusted financial services is essential to long-term security.

Financial planning companies can do so much more than help you save for retirement. They can help you determine when and if you would benefit from Medicare supplement plan options. Likewise, they can help you balance long-term care insurance premiums, deposits into your retirement account, and provide other financial services.

If you're worried about long-term care and what might happen as you age, contact a financial services representative and begin to make plans now. A small investment now could lead to massive savings -- and peace of mind -- a decade from now. Contact S2S Senior Services for assistance with this, today!


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