Nobody wants to think about dealing with a long term disability in the future. However, this is a very real possibility no matter if you are one of our California readers or live in another part of the United States.
Planning and budgeting for a long term disability can be complicated, especially since the cost of care in the future is likely to be higher than it is right now. Many people hope that they have enough money saved, such as in their retirement plans, to handle any costs that may come along.
Others, however, realize that self-insuring this risk is not always the best way to go. For these people, purchasing long term care insurance is the best option. This allows them to pay a monthly premium for a policy that would cover some or all of their long term care expenses in the future, should they require this sort of medical attention.
By combining multiple methods, such as life insurance with a long term care rider, to go along with retirement accounts, it is easier to feel better about anything the future may bring.
There is a lot that goes into planning and budgeting for a long term disability, but this is something that people have to consider at some point in their life. Those who are closing in on retirement or have reached this age already, looking toward the future is more important than ever. When the proper plan is followed and a budget is adhered to, the future, even if it includes long term care, can be bright.
Source: Aiken Standard, “ON THE MONEY: Planning for long term care expenses” Greg Roberts, May. 11, 2014