Financial Tip #6: Plan Long Term

Include long term care planning in your retirement strategy.

If you had an unplanned expense of $60,000 to $100,000 a year could your income support that during your retirement? A 70% chance that you can drain your finances and an emotional drain on your family. Imagine having a healthcare need and not having the funds available to pay for this care, thus relying on family to care for you. This can put such tension on a family and cause their health to decline as well.

Many people choose not to purchase a long term care policy because they can spend tens of thousands of dollars in premiums and then end of never using the policy, leaving all that money behind to the insurance company. Gaining more popularity are hybrid life/long term care plans that pay out a death benefit if you don’t use the policy for your long term care needs. Many plans build cash or refund your premium should you decide to cancel the policy.