Have you taken the important steps to protect your income in retirement? Just like mashed potatoes at Thanksgiving dinner just aren’t the same without a big dollop of warm gravy, your income and protection have the same satisfying relationship.
While this may sound like a stretch, allow us to explain.
If you have car insurance, homeowner’s insurance, or health insurance, you’ve already taken the proper steps to protect your income against a car accident, home invasion, or unforeseen medical emergency. If any of these events happened without insurance, the financial backlash for many individuals and families could be devastating. An unexpected hardship could dwindle or wipe out your savings and investments and affect any future income until a hardship is paid off.
Long Term Care Insurance protects your income like the other coverages, but against the financial strain of a long term care event. If you became ill or were in an accident and needed care for an extended time in your home or a facility, charges for these services could reach upwards of $42,000-$47,000* for a year of care. These numbers would increase even more if care is needed for several years. Now imagine if you and your spouse needed care at the same time. These prices would double!
While long term care events are sobering and often not the preferred topic of conversation at the Thanksgiving table, having the right protection to secure your income and assets is a conversation worth having. When you grab a spoonful of steamy mashed potatoes and pour a generous helping of thick gravy, don’t forget to consider your future and take the appropriate steps to make sure your income is protected during retirement. Both factors work together like mashed potatoes and gravy for a tasty and satisfying retirement plan.
Don’t put off applying for long term care insurance another day. This Thanksgiving, give you and your family the gift of peace of mind for the future. Learn more about the current cost of care in your area, or where you plan to retire, and review coverage rates online with our free online quote calculator.
From all of us at LTC Consumer, we wish you and your family a very Happy Thanksgiving!
*Based on 2016 costs for home care and assisted living in Florida.