There are three basic strategies that you can use to pay
for long-term care. The strategy that will work best for
you depends on your resources (family and financial), when
you start to plan, and your tolerance for risk. Many people
use a mix of options to achieve their individual long-term
Pay as you go. People with substantial
financial resources can use savings and assets to pay for
long-term care. It takes careful planning to ensure that
these funds will be adequate and available to pay for long-term
care without compromising your lifestyle. You may also chose
to rely on family and friends in case you need intensive
or lengthy care due to a chronic condition.
Transfer risk with private insurance.
Insurance helps protect your retirement nest-egg from being
depleted by catastrophic long-term care costs. Today you
can chose from a variety of products and features.
Rely on the government. Public programs
offer an important safety net for people with limited financial
resources who need long-term care. Many communities also
provide low-cost services to elders in need. Understanding
what is available from the government will help you plan
Step 3: When is the
Best Time to Travel...