This week, we’re tackling a topic that’s often on the back of every retiree’s mind: how to plan for long-term care and the different options for covering those costs. In this episode, hosts Tim Regan and Katie Umland explore the complex landscape of long-term care options, discussing everything from self-insuring and saving money for this purpose to purchasing long-term care insurance and its different policy types. As Tim wisely points out, “When you define the monster, it becomes less scary.” The hosts delve into how choosing the right mix of options depends largely on one’s risk tolerance and financial situation. Tim and Katie also break down how policies typically work, from elimination periods to the types of care covered, offering listeners a detailed guide to navigate these decisions. They emphasize the importance of integrating long-term care planning into your overall financial plan to ensure your assets are protected and your family’s well-being is prioritized. 3 Key Takeaways

• Long-term care planning should account for your personal risk tolerance and financial situation; it could involve a combination of savings and insurance.
• Policies have certain standard features like elimination periods, but how you configure them should align with your personal and financial needs.
• Planning for long-term care is crucial not just for asset protection but to ensure your future care preferences align with your overall lifestyle goals.

Click play to gain insights that could shape your approach to long-term care and explore our previous episodes for more financial guidance!