Today I’d like to continue with this video series, which is “Ten Financial Commandments for Retirees.”
And Commandment # 6 is to Plan for long-term care needs: Long-term care involves needing assistance with the “activities of daily living,” which include bathing, dressing, grooming, using the toilet, eating and moving around. These services are not covered by Medicare and can be prohibitively expensive. It is difficult to predict how much or what type of long-term care a person might need. The best time to think about long-term care is well before you need it so you can consider all your options. The main strategies for paying for long-term care are self-funding, insurance, or Medicaid planning. Each one of these approaches has a myriad of considerations and should be discussed with a professional who can help assess which option is the most suitable for your needs.
Remember, failure to plan in this regard is planning to fail. And failing with long-term care is a very expensive mistake.