Jan 21
Health Care after Retiring
After age 65, there is more than a 70 percent chance Americans will need some form of long-term health care, according to the American Society on Aging. Covering the exorbitant costs of such care could wipe out your retirement plans.
Frightening as it is, in order to cover possible future long-term illnesses or care in a nursing home at an advanced age, it is absolutely worthwhile to include long-term health care insurance in your retirement plan.
Many health care plans do not cover this sort of care, so it's worth checking into other options in order to save on serious health costs in the future and avoid burdening your children.
Comments
I've had long-term care policy with John Hancock since I was 55. Premium is guaranteed not to change.
Might want to check it out.
Best regards! thanks!
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I've had insurance for long term care for 10 years--got it at 55 as I come from a long living family and I do not want to spend my waning years with my children. However, the cost of it has quadrupled and that smarts considerably. Trouble is I'm afraid not to have it but may not have the choice if the cost continues to climb...
What is the average number of years a person lives after being moved into a nursing home? If it is only 3 years, how does that compare to the cost of long term care?
seems to me the cost/benefit question applicable to LTCI can't be generalized, the cost of such care in many cases being prohibitive