A retirement plan may account for everyday expenses, travel, housing, and investment income. But what happens if you or your spouse eventually needs help with daily activities or experiences an extended healthcare event?
Long term care can become one of the largest and most emotionally difficult expenses a family faces. The need for care may affect more than medical decisions. It can place pressure on retirement savings, change a spouse’s responsibilities, and require adult children to make important choices during an already stressful time.
In this episode of Coasting in Retirement, Josh Null is joined by Jay Stubbs of Providence Partners for a conversation about long term care insurance and the role it may play within a comprehensive financial plan.
Drawing on Jay’s experience in risk management, they explore what long term care coverage is designed to accomplish and why planning before care is needed can provide families with more choices. They also consider the broader question of how someone might prepare financially for an extended period of assistance.
Would your current retirement plan withstand the cost of prolonged care without disrupting your spouse’s financial security or other family goals?
Listen to the full episode to hear Josh and Jay explain what you should understand about long term care and why this conversation should not wait until a health event occurs.
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