Many people still think that Medicare will cover their long-term care needs. Medicare covers acute care. It does not cover care in the home, in assisted living or in a nursing facility for people with chronic long-term care needs (sclerosis, Parkinson’s, Alzheimer’s, COPD, etc.).
We are living longer and our chances of having chronic conditions and needing assistance continues to grow. How will you fund that care? How will you protect your retirement savings? Will it be through long-term care insurance or life insurance with a long-term care rider?
Take the time to research your options before you need the care, while you are younger and the premiums are potentially lower. Make this your “peace of mind gift” to yourself and to your family.