Prepare for the cost of aging
Later in life, years after your retirement, you may find yourself diagnosed with a chronic illness or recovering from a health scare such as a heart attack or stroke. At an older age, you may require assisted living or nursing home aid – but who will pay for it?
Proper retirement savings should allow you a fixed income for the remainder of your life, but it often falls short when it comes time to cover the high expenses of assisted care. Long term care (LTC) insurance can keep you from bankrupting your retirement savings and from financially burdening your children by paying for long term care benefits.