As we age, the greater the likelihood that more of our assets will be utilized to pay for health related costs. Despite having Medicare to pay for a majority of a retiree’s medical bills, it does not pay for everything and pays nothing for most long term care situations. As such, we recommend purchasing an affordable Medicare Supplement to help offset costs not covered by Medicare for non-long term care related matters.
To help protect against the costs associated with a nursing home, home health, or assisted living arrangement, we also recommend that you explore the purchase of a long term care policy. The Federal Government currently estimates that each individual has a 70% chance of needing long term care in their lifetime. While not all long term care will be nursing home related, the average length of stay in a nursing home is 2.5 years!
Let us help you protect your life savings through these two important planning tools for the golden years of life.