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Published on October 19, 2023 | LPL Financial
Growing old is simply one thing you can’t avoid. The goal is to enjoy your retirement years as you imagined after a lifetime of working. One aspect of growing old that young people may overlook is long-term care insurance and how expensive it can be if you need it and don’t plan for it. According to Money.com, long-term care expenses can run upwards of $9,000 per month. When you are young, the prospect of declining health 30+ years down the road isn’t at the forefront of your mind. However, it can’t be overstated how critical it is to be prepared for the possibility that you may need care later in life.
For those that see a benefit to investing in a long-term care insurance policy, one question you may have is which type of policy to choose – hybrid or traditional?
Long-term care insurance is typically used for expenses that Social Security generally doesn’t cover; for example, home health care, assisted living facilities, and nursing homes. Social Security provides retirement, disability, and survivor benefits instead of long-term care costs.
This material contains only general descriptions and is not a solicitation to sell any Long Term Care insurance product, nor is it intended as any financial advice. For information about specific insurance needs or situations, contact your insurance agent. This article is intended to assist in educating you about insurance generally and not to provide personal service. They may not take into account your personal characteristics such as budget, assets, risk tolerance, family situation or activities which may affect the type of insurance that would be right for you. In addition, state insurance laws and insurance underwriting rules may affect available coverage and its costs. Guarantees are based on the claims paying ability of the issuing company. If you need more information or would like personal advice you should consult an insurance professional. You may also visit your state’s insurance department for more information.
All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.
This article was prepared by LPL Marketing Solutions
LPL Tracking # 1-05376456