When it comes to modern medical care, long-term care is one of the most expensive needs that a person could have. Long-term care may necessitate residency in a nursing home, which may cost thousands of dollars a month. Long-term care could also mean having skilled nursing professionals come to your home so that you can continue to live semi-independently as you age or deal with medical issues.
Unfortunately, long-term care is incredibly cost-prohibitive. There are long-term care insurance policies available. Should buying one be part of your long-term care planning efforts?
Depending on your age, long-term care insurance may not be affordable
Given that about half of people at or past the age of retirement will find themselves needing more intensive medical care in the next few years of their lives, it makes sense that the cost for long-term care insurance policies increases as you age.
If you are still a relatively young or middle-aged professional, long-term care insurance policies may currently be affordable to you. The sooner you purchase the policy, the lower your premium will likely be. You are already close to your golden years, the cost of that policy may be ridiculously unaffordable.
What can you do if you can’t buy insurance?
If you can’t currently purchase an affordable and comprehensive long-term care insurance policy, you may need to consider other long-term care planning strategies. Creating a trust and intentionally diminishing your personal assets are two common strategies used in this process.
Sitting down to talk about your financial circumstances and your potential future medical needs with a professional can give you a better idea of what planning strategy would work best for you.