One effect of the coronavirus pandemic is that more people have been thinking about living in the moment and taking advantage of opportunities in a carpe diem sort of way. There is nothing wrong with this, especially with so much uncertainty. However, it would not do to forget that you can still make some long-term plans. As one Marketwatch article observes:
“The coronavirus pandemic has highlighted numerous potential catastrophes for the elderly and their loved ones, including unexpected illnesses, risks associated with underlying health issues and general lifestyle and risks in nursing homes.”
While there were always risks associated with nursing homes, some people who might have otherwise planned to live in one are reconsidering because they’ve seen the way COVID-19 spread through some of these facilities.
MarketWatch’s “This is one task everyone in their 50s should consider before it’s too late” advises people to consider purchasing a long-term care insurance plan. They are saying that your fifties is an ideal time; it is cost-efficient to get long-term care insurance then although some people do purchase plans before they reach that age. You can still also purchase a plan after your fifties.
You can speak with your Fee-Only financial advisor about what type of long-term care insurance plan would be best for you. Some people opt for a hybrid plan: one that combines life insurance with a long-term care rider. You can also buy a standalone policy. The policy you choose will depend on a number of variables.
If you think you can rely on Medicare to assist if you need long-term care, you should know that Medicare does not offer a lot of long-term care coverage. The costs of long-term care are high and if you can have money set aside for it already, you will be helping yourself and your family.