When putting together a financial plan, gay and lesbian couples face the same financial challenges and problems as any other couple. Thus, prudent planning is key in order to ensure a happy and comfortable retirement.
First and foremost, everyone needs to ensure that their money will last for the rest of their lives, regardless of how long they live or what happens with the economy. Evaluating one’s personal health, family health, and longevity trends can help to predict the probability of living until the age of 80, 90, or even living to be a centenarian.
Along with the probability of living a long life, however, comes the added responsibility of planning for it. Most people agree that it is important to purchase Home Owner’s Insurance in order to insure their homes against risks such as fire, flood, or tornadoes. They purchase Health Insurance in order to insure themselves and their families against injury or disease. Auto Insurance helps in case of a car accident.
These are all important types of insurance. Often overlooked, however is Long Term Care Insurance. Keep in mind that if a person lives to the age of 65, they have a 48% chance of needing Long Term Care services before they die; and the cost of nursing home care or at-home care can average $80,000 per year.
At this rate, people typically spend 90% of their lifetime health care money in the last three years of their lives. Without Long Term Care Insurance, people oftentimes go broke paying these huge bills out of their own pockets. Just as other types of insurance protect against risks involving one’s home, car, or personal health, Long Term Care insurance protects against this risk.
Other steps besides insurance can help to ensure a happy and comfortable retirement. Rental properties and annuities can generate income throughout retirement years. Taking control of one’s health by adopting a healthy lifestyle can also help. Overweight? Regular exercise and a healthy diet can take care of that problem. A 90% vegetarian diet can actually help to eliminate the most common reasons people need Long Term Care (obesity related problems, diabetes, osteoporosis, etc.).
Remember, however, that you can’t diet the whole Long Term Care risk away. Unfortunately, there are still unavoidable causes of Long Term Care such as accidents, Alzheimer’s, and Parkinson’s disease.
What unique considerations do gay and lesbian couples need to take into account when buying Long Term Care Insurance? Mainly, insurance companies have specific requirements for recognizing gay and lesbian partnership. However, almost all blue-chip Long Term Care Insurance carriers offer the married, partner, or spousal discount to gay and lesbian couples provided they have been in a committed relationship for at least one to three years (this varies from company to company). The married, partner, or spousal discount is significant with companies offering 25-40% off the premium.
As the nation’s number one Long Term Care Insurance virtual agency LTC Tree strives to keep our clients abreast of cutting edge changes in the financial world. To learn more about Long Term Care Insurance take a couple of minutes and simply fill in this form. Either way, we appreciate your time today!
