As the oldest baby boomers begin to wind through their 60s, one of the biggest concerns may not be outliving income, but outliving good health.

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For retirees, home health care can cost $50,000 or more per year, and nursing home care can run as high as $80,0002 per year. Does your retirement income strategy account for this kind of possibility? Would you be prepared for twice that amount as a married couple?

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Considering that you could have to reduce your financial means before Medicaid will pay for long-term care and neither your employer group health insurance nor major medical insurance will cover long-term care, you may want to consider planning ahead for these potential expenses.

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We can help evaluate your situation and determine if purchasing a long-term care insurance policy may be the right move to help you feel confident in your financial future.

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GenworthFinancial. March 2015. “Genworth 2015 Cost of Care Survey: Home Care Providers, Adult Day Health Care Facilities, Assisted Living Facilities and Nursing Homes.”

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MetLife. November 2012. “Market Survey of Long-Term Care Costs.”