Will this one mistake lead to financial ruin during retirement?
How will you pay for long-term care during retirement?
Are you counting on Medicare to foot the bill?
If you are, you’re making a big mistake.
Assuming that Medicare will meet all your healthcare needs is one of the reasons so many older Americans lose their assets to unplanned care costs.
Medicare doesn’t cover everything, even if you have a supplemental policy.
The rules are complicated, but one thing isn’t: Medicaid doesn’t pay for the long-term care you’ll need if you have a chronic illness.
Most people don’t discover this until it’s too late.
The most significant financial threat facing the average American today is suffering a serious illness without any healthcare coverage. If there is no cure for what you are suffering from, or if you need the help of others to manage your day-to-day living, your care will not be covered in any meaningful way by Medicare or other health insurance policies.
For most of us, the question isn’t “if” we will have to deal with these unexpected costs, the question is “when.” How will you pay for care that Medicare doesn’t cover?
One of the best ways to make certain you don’t lose your assets to unplanned care costs is to have an integrated plan for health, housing, and financial issues that can arise when you’re incapacitated due to long-term illness or disability. Long-Term Care Insurance can help, but it’s not for everyone. Legal tools like Safe Harbor Trust can protect assets from being exhausted before a you can qualify for long-term care benefits
You don’t have to go broke in retirement. If you’re 55 or older and still in relatively good health, it’s not too late to create a plan that will protect your assets from devastating long-term care costs.