Long-term care coverage is a necessary component of retirement planning because it helps baby boomers handle the sky-rocket costs of care. However, many from this generation are struggling to find comprehensive coverage that fits their needs and their budget. Often, the plans either fit their budget but not their needs or vice versa. On top of that, baby boomers would have to consider their spouse’s care needs, as well.
However, it should never be an either-or situation; you or your partner should not have to sacrifice for the other, although that may seem like the reality. Now that it is crunch time and 10,000 boomers are retiring by the day, couples are feeling the urgency of having a good plan.
The pressure can be overwhelming, especially with each passing day. However, as we have discussed thoroughly in Couple Planning: Beating the Retirement Woes Together, married baby boomers can turn to each other for support. Planning for long-term care may be a tough task to achieve, but it is not impossible. Let’s take a look at three important strategies you and your partner can apply to obtain the coverage you both need:
Long-term care insurance covers all the necessary care services that baby boomers need in the future. Perhaps, the biggest issue is that many find the policies too expensive. However, there is a way around this dilemma.
First, you must understand how the policy works. You need to be able to identify the benefits and features that you can use to your advantage. Often, the belief is that the more you include in your policy, the better coverage it provides. Although this is true, it also means paying for a more expensive policy. The best tactic here is to get a basic plan with features that specifically target your needs. To learn more about this, you can look into Long-term Care Policy Questions You Forgot to Ask.
Moreover, you and your spouse must never forget about the Shared Care benefit. This allows spouses to combine the features of their policies into a pool of benefits they can both access. This means that instead of being limited to a 5-year plan each, spouses can potentially access a total of 10 years under this type of plan.
Over the years, finding coverage has become easier through the free online quotation system companies have adopted. However, having the talk between spouses to determine each other’s needs is still vital. Admittedly, talking about health conditions and growing older is not a baby boomer’s strong suit. Many have tiptoed around the issues for years, only to be surprised when they wake up one day with long-term care needs knocking at their door.
Talk about the possible issues, and be open about any of the possibilities. This will help each of you prepare for any possible illnesses and other health conditions.
People shy away from seeking the advice from industry experts because they feel that the costs are unnecessary. However, this step can help them lessen the costs substantially. Industry experts, like financial consultants and insurance specialists, can help you find more suitable options that fit your budget. These individuals understand how the industry works, and they know how to prepare for possible threats.
Let them help you and your spouse find the care that you need. However, be sure to do your own extensive research, as well. Remember to refer to trustworthy sites, like the AARP.org and nihseniorhealth.gov, when reading about planning for long-term care.