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Protecting Your Retirement: Long-Term Care Insurance and Retirement Planning

Updated: Jul 14, 2023

As we enter retirement, it's essential to plan for the unexpected. We can never predict the future, and many risks come with retirement, such as outliving our assets and losing independence due to an extended care event. This is where long-term care insurance can come into play and help with retirement income planning.

You never know when you or your loved one may have an unexpected long-term care event. These events refer to a situation where a person requires extended care due to an illness, disability, or injury that lasts for an extended period of time, often more than 90 days. These events can include needing assistance with daily activities like bathing, dressing, and eating or requiring ongoing medical care in a long-term care facility or at home. Such events can have a significant financial and emotional impact on the individual and their family members.

Insurance coverage can give people peace of mind in situations related to long-term care. Long-term care events can be emotionally and financially draining, not just for the individual requiring care but also for their family members. Insurance can help alleviate some of the financial burdens associated with these events, allowing individuals and their families to focus on the emotional and physical aspects of care. Knowing that they have insurance coverage can also help you and your loved ones feel more secure and comfortable in the face of unexpected events.

Selecting the right long-term care insurance involves understanding various types of coverage, benefit periods, elimination periods, inflation protection, underwriting requirements, and policy options. Additionally, the cost of long-term care insurance can vary significantly based on factors such as age, health, and coverage needs. It's important to carefully evaluate these factors and work with a knowledgeable advisor to select a policy that meets your specific needs and budget.

At Morris and Pursley Financial Plans, we understand that long-term care insurance can be a complex and confusing topic. Our team has a Retirement Income Certified Professional (RICP), Missy Pursley, who can help you navigate the complexities of long-term care insurance and ensure that you have the right coverage to meet your needs.

Investing in a long-term care insurance policy can provide financial security for you and your family by covering the costs of extended care, such as in-home care or assisted living, that may not be covered by traditional health insurance or Medicare. By having the right long-term care insurance coverage, you can protect your retirement savings from the financial burden of an unexpected long-term care event, which can be costly and quickly deplete your savings. This can give you peace of mind knowing that you have the financial resources to cover the costs of care and that you won't become a financial burden on your loved ones.

In addition to long-term care insurance, we can also help you with life insurance planning. Investing in a life insurance policy can provide your loved ones with financial security and peace of mind. Our team believes that a comprehensive retirement plan should address all the significant risks you can face in retirement.

If you're 55 or older and living in Central Texas, contact Morris and Pursley Financial Plans today to discover additional ways in which we can assist you with retirement planning. Our team can assist you in managing the intricacies of sustaining your assets during your retirement years and finding the appropriate insurance coverage to safeguard you and your loved ones. Proper planning allows you to enjoy your retirement with confidence and peace of mind—to retire happy!

Disclosure: The information provided in this blog post is for educational purposes only and should not be considered as personalized financial advice. As an RICP (Retirement Income Certified Professional) financial advisor, I am sharing general knowledge and insights based on my professional expertise. The strategies and concepts discussed may not be suitable for everyone, and individual circumstances should be taken into consideration. It is recommended to consult with a qualified financial professional before making any financial decisions. I am not affiliated with any specific financial institution or company mentioned in this article. This blog post is not an endorsement or recommendation of any specific financial products or services. The content provided is accurate to the best of my knowledge at the time of writing, but it may not reflect the most current regulations or developments in the financial industry. Please consult with a professional advisor for up-to-date and personalized advice tailored to your individual financial goals and circumstances.

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