Long-term care is an expense that prudent investors, like you, should take seriously. Due to rising medical costs as well as the increase in the average lifespan, this cost is manageable only with careful preparation. Planning early not only eliminates the worry and anxiety about the future, but also makes challenging financial goals easier to reach.
Long Term Care Insurance
Long-term care insurance can help you pay for home care, assisted living, hospice care and nursing home. Most health insurance plans do not cover these expenses, leaving families financially vulnerable.
Universal Life Insurance Policies
Universal life insurance policies are a powerful tool in planning for the long-term monetary burden of ageing. These policies provide monthly indemnity payments to help pay for long-term care as well as death benefits, and often refund some of premiums if the services are not used.
Some annuities can provide you with cash benefits in the event of terminal illness. Such policies usually have a reduced life insurance payment clause, resulting in lower payments to the beneficiaries after your death.
Other options include boosting your savings, setting aside a portion of your pension or channeling investment income to pay for care during your later years.