When it comes to preparing for retirement there are some key items that most people are aware of, estate planning, debt reduction, investing strategy, but one common category that is often overlooked, is the elder care planning. Planning for elder care is referring to the time later in life when mental and/or physical capacities have begun to deteriorate and help is required to accomplish routine tasks. There are a certain things to consider with regards to elder care planning, living expenses, Medicare, Medicaid, long-term care insurance and power-of-attorney. Medicare is in place to subsidize the health insurance system available to seniors, but it does not cover nursing care. Medicaid does cover nursing care, but most states require a low net worth to qualify for Medicaid. For seniors who don’t qualify for Medicaid, long-term care insurance is a big factor in ensuring proper care is available when the time comes that it is needed. There are many variations of long-term care insurance and it can even be purchased as a rider with a fixed indexed annuity designed to protect a nest egg and guarantee income for life. Many annuities have the option for long-term care and a death benefit to help with the estate planning piece as well. For more information on retirement planning, elder care, long-term care insurance, annuities, and more visit the Annuity Think Tank.

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Annuity Education | Retirement Planning