If you are a guy you probably think you will never need extended Long Term Health Care. You say you will just die in your sleep. If you need care your spouse will take care of you. forget facts that suggest that there is a GOOD chance you will require care. Also, forget the fact that your spouse will not easily be able to take care of you. Your kids, forget that … they will have jobs, spouses and their own children.
If you are a woman who will take care of you? Your husband? Really? Men generally are not good caregivers. Besides, men usually will require care first and pass away prior to a woman.
Women live longer and thrive in a care situation longer. The bottom line, the United States Department of Health and Human Services says if you reach the age of 65 you will have a 70% chance of needing some type of Long Term Health Care service before you pass. That is 7 in 10.
So, there is a good chance that you could run out of money in retirement. Sometimes prior since many Long Term Health Care issues happen before you are retired. Health insurance and Medicare will not pay for this type of care beyond a small amount of skilled care and only if you are getting better.
Planning to protect assets for your future retirement is key in any plan.
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