Retirement Planning Calculators - How To Factor in the Cost of Long Term Care Insurance
When planning for retirement, you'll probably be much more interested
in things like where you want to live and what you want to do,
than in deciding on things like the advantages of live-in care
versus assisted living options. The later is just as important
as the former, though, and with statistics claiming that 40 percent
of all Americans over the age 65 will spend some time in some sort
of assisted care situation, this is definitely an option that you
have to consider.
There are plenty of tools available on how to plan for your retirement,
but one thing that they often leave off is the cost of long term
care insurance. Long term care is often not supplied by your heath
insurance. You will want to take a good look at your health insurance
policy and find out what it covers, if anything, in the event that
you will need assistance with day to day tasks like bathing and
eating. Health insurance will cover your medication, but it won't
necessarily cover having someone administer it to you if you are
in some way incapacitated.
Long term care insurance is definitely something that you have
to budget for however. A lot of long term insurance polices are
canceled by the holder just before the insurance becomes necessary.
If the premium changes, you might find yourself with a pricey policy
that you are no longer in a good position to pay. Insurance companies
are aware of this fact and will take advantage of it, so it is
very important that you are aware of it as well.
When factoring in the cost of long term care insurance, you will
need to calculate what your life will be like after you retire.
Where will you want to live and what do you think your expenses
might be? It will be extremely important to find out what your
situation will be, so that you can draw yourself a good picture
of what you may need to plan or budget for. Factor in any 401(k)
or IRA payouts that you might have coming, as well as your Social
Security, but also keep in mind that for more and more Americans,
their retirement needs are not being met by these funds. It is
also important to invest wisely and know what your assets are.
When planning for retirement, you'll also have to take into account
what the state of your health will most likely be. The best place
to take a peek ahead is by thinking of your parents. What type
of care did they require? What about your grandparents? A full
medical exam can help you out with finding out what your options
Planning for your retirement should cover all eventualities, something
that you will be grateful for when the time comes.