Anytime a major media outlet highlights long term care insurance, you can be sure we will point it out and comment on it. This week, U.S. News has a great article targeted at the children of baby boomers. The article points out that handling a parent’s finances can be a tricky situation for children, as traditional parent/child roles become reversed.
Long-Term Care
With respect to long-term care insurance, the article points out that almost half of people over age 65 will spend some time in a nursing home. A financial planner in the article is quoted:
(Cutler) notes that many older Americans have fairly stable retirement income from some combination of pension plans and Medicare, but the higher cost of long-term care isn’t covered by those plans. “It’s a bigger unknown, and it’s less predictable,” he says.
This fact is precisely why it may be wise to consider insuring part of your risk for long-term care insurance and not every penny of it. Since there’s a chance you’ll never use LTC insurance, striking the balance between investing and insurance is important. We encourage you to look into LTC insurance further; you may start by requesting quotes below.
