More than two-thirds of 65-year-olds will need some type of long-term care in their lifetime, and that care can be extremely costly, writes Rivan Stinson for Kiplinger Personal Finance magazine.
Rivan recently interviewed Mari for her in-depth expose on planning for long-term care costs.
The first challenge is knowing whether you should buy long-term care insurance, or try to self-insure. And if you do opt for insurance coverage, what type of coverage should you buy, and how should you pay for it?
Both couples and singles have long-term care needs
In the interview, Mari discussed some of the special reasons for couples to purchase long-term care insurance coverage.
“The risks are higher that at least one spouse will require long-term care, and those costs could exhaust your combined savings, leaving the other spouse with no resources,” Mari told Rivan.
Making long-term care coverage more affordable
Long-term care insurance coverage can be pricey, said Mari. But what many people don’t realize is that covering just a portion of the expected costs can be a very beneficial, and cost-effective, strategy.
“If the numbers start to feel overwhelming, keep in mind that you probably don’t need a policy that will cover 100% of your long-term-care costs,” Mari told Rivan.
Another hint? A long-term care insurance specialist can help you shop smarter for coverage by including benefits you need, and cutting back on costly features you may not care about.
You can brush up on your long-term care expertise by reading Kiplinger’s entire article here, or ask us for guidance.