#4 Long Term Care- 10 Things You Need To Know To Plan Your Retirement Income

 In Financial Planning, Ozarks Live

#4 Long-Term Care- 10 Things You Need To Know To Plan Your Retirement Income

Long-term care is the 4th topic in the 10 part series.  The sooner you start planning, the more options and choices you will have available. If you are a couple one may need to go to a care facility before the other.  In that scenario you will have to split the costs.   Cost of care is going up because of demand and length of care will increase with the ongoing improvement in prescription drugs.

  • Long-term care assistance.  It is important to start looking into these early on so you have many options. Also, this could become quite a bit of your income, so it’s a good idea to think about allocating some of your budget towards this just in case it becomes something that you need.
  • Health insurance coverage. This cannot be stressed enough, especially as you age. Sickness cannot be predicted, therefore it is a cost to anticipate for. There are different kinds of plans and coverage.  Know the differences to find the plan to fit your specific needs. Re-evaluate your plan as your situation evolves.
  • Have a game plan. Find a financial adviser or reliable agent who can help make these decisions and guide you in the right direction. It doesn’t hurt to ask for help or assistance especially when it can save time and money in the long run.

Tune into Bruce’s show on Tuesday for the 5th part of the 10 things you need to know to plan your retirement income series.

 

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