Four suggestions to determine if you could afford long term care insurance

by ElderCarelink

The cost of long-term care can quickly drain your nest egg. How can you plan ahead to make sure you don't run out of money? While there is not a one-size-fits-all plan, these four ideas can help you save money for your future care.

1. Save your Social Security benefits. If you have a combination of an employed-sponsored retirement plan and private savings, then you may want to bank your Social Security benefits for potential long-term care expenses.

 2. Keep expenses at a minimum during early retirement. During retirement, with the kids out of the house, your expenses could be less than you anticipated. You may want to put those unexpected savings into an account for future long-term care.

 3. Purchase long-term care insurance. If possible, you may want to consider purchasing long-term care insurance when you are younger. When considering a plan, be sure to get policy quotes from more than one company and take the time to research an independent insurance agent, if you choose to use one.

 4. Use adult day care or in-home care services. These caregiving services can help you remain at home as long as possible and are traditionally less expensive than full-time care.

Although long-term care can be expensive, it may seem even more expensive if it takes you by surprise. Saving as early as possible can help you prepare to meet the challenge of paying for your future long-term care.