Retirement Planning: Protecting Your Life Savings
It’s never been harder to get ready to retire.
One of the most expensive costs you’ll face in retirement is paying for health care.
Big monthly expenses can rapidly eat away at your retirement savings. Protecting yourself against potentially catastrophic health-care expenses is smart.
For many, long-term care insurance has been the answer. Long-term care policies pay benefits that help cover a range of different health-care expenses. Historically, nursing home expenses have been covered nearly from the beginning. But as the industry evolved, long-term care policies expanded to cover alternatives such as home health-care providers and other measures that involve somewhat less extensive services than a nursing home.
Weighing the benefits and options available under different long-term care policies can help you balance affordability and financial security. With a combination of lower policy limits, longer periods before benefits kick in, and other traits, you can tailor a long-term care policy that meets your needs and gives your nest egg enough protection to survive an extended period of skilled nursing or home health care.
Long-term care insurance meets a real need that’s difficult to protect yourself against in any other way.
Taken from “The Motley Fool,” an online publication.