No retirement plan is complete without a plan for Long-Term Care

To have the ability to fearlessly spend your money and enjoy the lifestyle you want to have in retirement requires you to have some kind of a plan for long-term care. What are you going to do to protect yourself from loss while providing care choices in the event of a prolonged sickness or injury?

Your 401(k) is you your Long-Term Care Insurance

After Medicare payments cease, you are on the hook to pay for your care from your assets. Your retirement savings may be needed to pay your bills. It does not need to be this way.

Medicaid offers limited choices

Eventually, if you spend enough of your assets, you may be able to qualify for Medicaid. However, Medicaid offers limited choices of care.

Everyone goes through three (3) distinct stages in retirement:

1. The Go-Go Years. In the Go-Go years, you are playing golf. You are playing tennis. You are going on cruises. You are line dancing. Every day there is a happy hour somewhere. The Go-Go years are all about income, not assets.
2. Unfortunately, the Go-Go years are going to be followed by the Slow-Go years. Now in the Slow-Go years, you can still do everything you do in the Go-Go, but maybe not as often, if at all. In the Slow-Go and No-Go years, it is all about long term care.
3. The Slow-Go years are followed by the No-Go years. The No-Go years are the years you don’t care if you Go-Go anywhere. In the No-Go years, that’s all about life insurance to leave a legacy.

It is the long-term care and life insurance you bring into retirement that gives you the license to spend your money.

Conclusion: Any plan is better than no plan

Hopefully, you either own or are planning to buy traditional long-term care insurance. If not, perhaps you own or are planning to own a linked benefit long-term care plan. If you cannot qualify medically for either one of those, consider a long-term care insurance alternative. Any plan is better than no plan, but you must have a plan.

Pennies on the Dollar

You pay pennies on the dollar for someone else to replace your car in the event it is lost or stolen. You pay pennies on the dollar for someone else to repair or replace your home in the event of a fire. Why not pay pennies on the dollar for long-term care insurance and let someone else, not you, pay for your care in the event you need it? Ask us how.