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Ten Steps for a Sound and Secure Retirement

9. Buy "Long-Term Health Care " Insurance


- Protect your retirement capital from a health attack: Three out of 10 people age 65 and above will never need long-term care. Two out of 10 will need five years or more.

- Most long-term care is not covered by Medicare.

- Buy long-term care insurance in your late 50s to lock in good pricing.

Interview


Noted expert David Woods discusses the importance of long-term care insurance in an interview.

Quote


"The biggest problem Baby Boomers will face in the next 20 or 30 years is going to be healthcare costs. And it gives me the chills because we have a healthcare system that is fundamentally broken." David Bach

Definition


Long-Term Health Care Insurance covers nursing home and at-home care expenses not covered by Medicare or supplemental Medicare (i.e. "Medigap") insurance. Statistics show that many men and women but not all -will require several years of such care. Long-term health care insurance covers such expense.

Tools and Resources


- Why is Long-Term Health Care Important? (www.kff.org/medicare/7067/med_longterm.cfm)

- Learn more about Long-Term Health Care Insurance at www.aarp.org/money/financial_planning/sessionfive/longterm_care_insurance.html


Go to Step 10: Don't count on home equity as your sole source of retirement income
Go back to main 'Steps' page

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