Monday, October 28, 2013, AM | Leave Comment
Often the most neglected aspect of personal finance is for long-term care in your retirement years. And though you may be saving already for your retirement years, often it is easy to neglect services you may need because of disabilities after the age of 65.
Retired people will commonly have medical conditions that require some form of nursing assistance.
It is common for people to need some form of assisted living, and the time to plan for this, is while you are healthy and still in your working years.
Depending upon Medicare
Although it is true that the government helps people in their retirement, the help is limited, and in some cases, you must be eligible. Medicare is available to all Americans who are 65 or older.
However the problem with Medicare is that it will only pay certain expenses to seniors, and when they do pay, it is usually 80 percent of the bill.
One way to get around this is to buy a good supplemental insurance policy for Medicare.
Depending upon Medicaid
This government program is the final safety net for Americans, but there are tight requirements for both income and assets.
Although many retired people will find that they quality on income, if they have any assets, they will likely be required to sell them to pay for assisted living expenses. Keep this in mind when thinking about how much to depend on medicaid.
Long Term Care Insurance
This type of solution is the best option for those who are not in retirement. The cost is reasonable, and if the need to use this insurance ever arises, you will be given better care and have more expense covered than you will with a government program.
Your assets are protected if anything should happen to you. Any expenses not covered by Medicare in retirement will be covered by your long term care policy. You will have no need to liquidate your assets as you would with Medicaid.
A Long Term Care Policy
If you are unfortunate to have an accident that requires long term care before your retirement years, this policy will cover much of the expenses.
Your income can be addressed with disability, and if you have any problems getting it, there are social security disability lawyers to turn to.
If you have an accident and a third-party is to blame, there are potential legal settlements that can help you financially.
If you got sick, and cannot work anymore, it is a long term care insurance policy that will help the most.
When thinking about financing for your future life, it is important not to discount circumstances that may arise before hand as well. Keep you finances in order and begin saving for your future now. The best way to have a plan for the future is to make one you can rely on even when the unexpected happens.Facebook.com/doable.finance