Regardless of your adult age, you should have a financial plan comprising two important goals: health and retirement. If you don’t, now is the time to plan for security throughout your lifetime.
Everyone should have health and retirement financial goals to secure their future and relieve family members of monetary burdens. Life, health, home, and auto insurance policies protect you for loss of life, medical and hospital care, and your possessions.
A long-term care policy provides long-term care protection for seniors 65 and older.
Whether you are in your 50s, 40s, or younger, consider adding long-term care to your plan as a healthy financial goal.
But what is long term care insurance? A long-term care policy covers the cost of senior care at home or in a facility. A health insurance policy covers long-term care, but the cost is expensive, especially if there are preexisting health conditions.
Insurance companies offer a variety of policies that include services and support for lifelong care. Some services include assisted living care, home care, assisted living facility, and nursing home care.
Advantages of a Long-Term Care Policy
- Relieves you and your family members of stress knowing funds are available for long-term care
- Live in your home longer using nursing and home care services. The policy pays for all expenses for help with daily activities and living
- You can remain financially independent
- Selection of policies for medical care to meet your specific needs
- Protects you and family members’ assets, savings, and retirement
A long-term care policy helps you preserve retirement, savings, and personal assets. It protects your financial freedom to manage your finances and have the quality of life after you retire and need long-term care.
You don’t have to go into your savings, retirement funds, or mortgage your home to receive the services required for you to live daily.
Let’s look at the costs of senior care for nursing home care, assisted living facility, health aid, homemaker, and adult day health care services.
Nursing home care costs approximately $225 per day for a semi-private room. For a private room, the cost can be $253 each day. Costs per month are over $7,000.
Assisted living facilities charge about $119 per day and over $3,600 monthly. Homemaker and health aid services cost $20.00 and more per hour. Dementia care, adult daycare and health care services at a center are over $67 per day. You can see the costs are expensive and without a long-term care policy, it can put a strain on personal finances, including savings and income from an annuity.
You can see the costs are expensive and without a long-term care policy, it can put a strain on personal finances, including savings and income from an annuity.
How to Save for Retirement
One of your financial goals must be a retirement plan, such as a 401K or an annuity. It’s essential in ensuring you have income on a long-term basis after you retire from your job. While you are planning for securing a long-term care policy, plan for your retirement.
If you don’t have a retirement, consider an annuity, including a variable or fixed. An annuity is a long-term investment offered by insurance companies for providing income during the duration of your retirement for life.
The Benefits of an Annuity
An important part of financial planning is securing your future for monthly retirement income. Plan your goals of how much income you require living each month. A variable annuity provides you the guarantee of future income and flexibility in the investment.
Insurance companies offer an optional variable annuity with an increase in guarantees, benefits, and additional fees. A fixed annuity provides protection from losses during an economic crisis and slow markets.
Everyone needs to financially plan for the future, regardless of age and gender. For long-term financial planning, include a long-term care insurance policy and a retirement plan.
In 2000, over 10 million people in the US received senior care under and over age 65. Plan for the future, starting now to live a quality life at 65 and older during your whole retirement.
Annuities protect you against market volatility. They come with added protection compared to stocks and other investment protections. Your income receives a lifetime of protection to your retirement plan.
At the same, receive protection for long-term health care and supplemental income when you retire. You will always have peace of mind.