Summary of Planning for Long-Term Care
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Summary of Planning for Long-Term Care
Understanding the needs for long-term care and its role in society is important in financial planning. Long-term care is quite different from traditional medical care, whose modes may not be sufficient for long-term care needs. Because long-term care is so different from medical care, we cannot rely on Social Security, Medicare, and traditional medical insurance to cover its costs.
Practical Ideas I Can Start with Today
- Estimate my life expectancy. Use this calculator.
- Prepare a lifetime forecast of income, expenses, and accumulated net worth to estimate how much I could have available for long-term care needs.
- Consult a financial planner or long-term care insurance specialist to help me estimate my future long-term care needs.
- Set up a dedicated source of long-term care premium payments—such as a separate account at a financial institution.
- Go online or contact an agent or broker to get several quotes on my chosen type of insurance from a strong insurance company.
What you have learned
- What Is Long-Term Care?
- Where Long-Term Care Is Being Delivered
- Who Pays for Long-Term Care?
- Future Issues with Paying for Long-Term Care
- What Is Long-Term Care Insurance?