Tips for Retiring Without Long Term Care Insurance

Tips for Retiring Without Long Term Care Insurance

Planning for long-term care has become increasingly difficult with cuts to social programs like Medicaid and skyrocketing costs for medical care. Many retirees who receive at least some health insurance coverage from a former employer still pay monthly premiums of more than $200-500, while Medicare doesn’t typically cover premiums, deductibles, co-pays, and many prescription drugs. (For more, see: Medicaid Planning and What Privatized Social Security Would Mean for Americans.)

Financial advisors should carefully consider these large and uncertain costs when helping individuals plan for retirement. In this article, we’ll take a look at some tips for helping elderly clients who lack insurance.