An estimated 52 to 70 percent of people who reach age 85 will eventually need some form of long-term assistance with daily activities such as feeding, washing, dressing, and mobility. The costs of professional long-term care can grow to several hundred thousand dollars a year—potentially draining your retirement assets or family members’ resources.
Long-term care (LTC) insurance is one way to help ease the burden and safeguard your savings. However, there are many factors to consider before you choose a policy. In this podcast episode, host Doug Fabian and guest David Haman, a Certified Financial PlannerTM in the Philadelphia office of Mercer Advisors, discuss:
David also explains why people should start by sitting down with their wealth management advisor to create a financial plan, which can help reveal whether a “long-term care coverage gap” exists and what other estate planning options may be helpful.