FINANCIAL FOCUS: Plan for long-term care costs

Published: Wednesday, November 6, 2013 at 02:08 PM.

You’ve worked hard to position yourself for an enjoyable retirement, so it’s important to protect your income and assets from potentially huge long-term care costs.

You have a couple of options to deal with these expenses. You could “self-insure” by incorporating long-term costs into your future budget — but that could be pretty expensive. Or you could “transfer the risk” of long-term care costs to an insurance company. A financial professional can help you choose the right solution for your needs.

If you were to enter a nursing home, you might have a physical or mental disability that could keep you from handling your affairs. So you may want to consult with your legal adviser to discuss a durable power of attorney, which would allow you to delegate your financial decisions to a relative, close friend or anyone else.

Preparing for the unexpected, including long-term care, takes time and careful planning. So why not observe Long-term Care Awareness Month by getting started on your plans?

It can be time well spent.

Joe Faulk is a financial adviser.

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