Even if you have millions of dollars set aside to see you through life, the toll of long-term healthcare can derail even the best financial plans. Establishing a solid plan for long-term healthcare is essential no matter your income level.
Recent polls indicate that nearly half of wealthy individuals have not done much, if any planning for the potential need for long-term care. They do however feel secure about being able to meet their medical costs now and in retirement, while the less wealthy are more concerned about how they’ll meet their medical costs.
Not planning for long-term care is like playing Russian roulette. It’s a big gamble and could put the financial assets of many at risk. No matter where you are financially, the importance of putting a long-term care plan in place is integral especially if you want to leave assets to heirs.
A variety of options are available such as universal life insurance plans that provide a way to set aside health costs, while offering a way to preserve a portion of an estate. You might also consider elder care planning assistance with third-party providers who assist with home care services and nursing home selection. A great place to begin is to meet with your financial planner to help you explore the options that best fit your financial circumstances.
Planning for long-term care before you need it is just one of those items to complete so that when the time comes all your ‘I’s’ are dotted and all your ‘t’s’ are crossed. And there is no amount of money that offers that kind of peace.