Chapter 9

Considering Your Long-Term Care Insurance Needs and Options


check Discovering long-term care and your options for financing it

check Looking at long-term care insurance

check Financing your long-term care with personal assets

check Choosing a combination policy

Many Americans in or nearing retirement have two great fears according to surveys: running out of money and needing long-term care (LTC) if they’re unable to care for themselves. These fears are related. After all, long-term care can be expensive, causing you to run out of money and placing a financial burden on your loved ones.

Fortunately, running out of money because of your need for long-term care isn’t inevitable. With a better understanding of long-term care and some planning, you can dramatically reduce the possibility of either of these fears coming true. Many people don’t plan properly, because long-term care financing options can be confusing. Also, long-term care insurance (LTCI) seems expensive, so folks put it off.

In this chapter, we define long-term care and explore the different ways to finance it. We also ...

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