Retirement Planning

What You Should Know About Long Term Care


  • who should apply for LTC?
  • anyone who does not want to spend down assets if they need care
  • anyone who has limited assets now
  • what are the decisions/considerations they need to make before buying?
  • Health
  • Family history
  • Cost
  • Product type
  • Income needs at retirement vs. want to have income


  1. Not everyone can qualify
  2. Underperforming markets can complicate assets needed for retirement income that would cover long term care. The cost of long term care is increasing
  3. Health care costs when you retire (premiums and additional costs)
  • In 2017 the client decides to retire at age 65
  • Premium for health care is $4,044
  • Additional health care costs $1,906
  • Total needed annually in year one is $5,950
  • By age 75 total annual costs would be $12,268
  1. 7 out of 10 people over age 65 will need long term care at some point in their lives
  2. Medicare does not cover long term care needs and Medicaid is a welfare program

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