If you are in or approaching retirement, now is the time to have “the talk” with your family about how you will approach the prospect of planning for long-term care.
As 10,000 Baby Boomers turn 65 each and every day, American is more and more becoming a caregiver nation. According to the 2014 Medicare & You National Medicare Handbook, approximately 70 percent of people over the age of 65 will need some form of long-term care.
Retirement Watch USA is pleased to share Genworth’s “Conversations that Matter” video featuring Maria Shriver and actor Rob Lowe below. In it, the longtime friends sit down to discuss the impact of aging in America and the importance of raising awareness around the need for long term care planning.
One option is long-term care insurance (LTC). Long term care insurance is designed to pay for medical and non-medical expenses for individuals suffering chronic illness, disability, or simply the ravages of old age. It’s important to know that Medicare does not cover the personal needs (also known as custodial care) side of things (help with dressing, bathing, using the bathroom). Long-term care insurance takes care of both health and personal needs. Therefore, LTC can make sense as a supplemental insurance to cover daily care if you need help as you age.
As with all insurance and/or investment strategies, long-term care insurance does not make sense for everybody. But, if you are in or are approaching retirement, it’s well worth exploring. Give us a call at (972) 473-4700 to discuss your options.