How to plan for long-term care

Apr 03, 2012

Long-term care planning is key to retirement.

According to Research and Market's long-term care report, the need for long-term care for the majority of Americans has increased significantly.

Long-term care facilities have evolved to offer condition-specific care and treatments based on patients' needs, while financial products are more readily available to help pay for the added expenses. Tools such as annuities, life insurance and long-term care insurance help retirees pay for care in their golden years without experiencing financial hardship, the report noted.

To help consumers predict their long-term care needs so they can better plan for their financial future, the American Association for Long Term Care Insurance recently launched an online life span calculator, which helps predict how long into retirement a consumer will live.

In addition, the association also added its Consumer Learning Center to its website so provide valuable content and links to other life span calculators and long-term care resources. Using all the information on the trade group's website, consumers will be able to accurately predict their long-term needs and better prepare for the future.

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