LONG TERM CARE INSURANCE & OTHER OPTIONS FOR AGING WITH SECURITY
When planning for your retirement future, you may also want to consider investing in long-term care insurance. While your retirement savings from an annuity, for example, cover typical expenses such as housing, leisure, or travel, you will want to have another plan in place in case of critical illness or injury.
According to the U.S. Department of Health and Human Services, nearly 70% of people 65 and older will require long-term health care during some part of their lives. At the same time, less than 33% of Americans 50 and older have plans in place to secure their retirement funds in case of unsuspected injury and critical illness.
It’s impossible to predict whether you will need nursing home, assisted living, or in-home care, but as the odds are in no one’s favor, long-term care insurance could be an additional safety net on top of the funds you are saving for your retirement. You don’t want to end up in a situation where your retirement funds run out while paying for unforeseen health complications. Long-term care insurance is created with a wide variety of personal care services in mind. Pricing can be affected by factors such as your age, current health, and the length of coverage. You can also upgrade your existing life insurance in ways that allow you and your family to take advantage of your death benefit early.
Accelerated Benefits Riders (ABRs) allow you to access all or a part of your death benefit should you fall victim to a qualifying terminal, chronic, or critical illness. Death benefits that are available under these circumstances can also be referred to as “living benefits.” DeWitt & Dunn can provide the information you need to make these important decisions on your own, taking your retirement future into your own hands. Contact us today to schedule an appointment.