The Good, the Bad, and the Truth About Paying for Long-Term Care: Part 2 (Ep. 35)

When it comes to planning for retirement, many overlook one of the biggest financial threats—long-term care costs. Most women assume that Medicare or health insurance will cover their needs, but the reality can be a costly surprise.

In this episode of the Simply Retirement Podcast, host Eric Blake teams up once again with long-term care professional Nancy Dykeman for Part 2 of our series on paying for Long-Term Care and shedding light on these often-misunderstood expenses. With over 45 years of experience in the senior care industry, Nancy shares eye-opening insights on the financial realities of extended care, offering practical strategies to help women protect their assets and secure their financial future. From debunking common Medicare myths to offering actionable solutions, this conversation is a must-listen for anyone looking to safeguard their retirement.

Key Highlights:

• Debunking Medicare Myths: Learn why Medicare doesn’t cover essential non-medical care, like help with bathing or feeding, and how these misunderstandings can lead to financial challenges
• The Rising Challenges of Long-Term Care: With longer life expectancies, more people need care due to illness or cognitive decline. Nancy outlines why planning is essential to handle these unexpected costs
• Smart Care Planning: Discover how a hybrid approach of self-funding and long-term care insurance can protect your assets without over-insuring
• Managing Costs: The cost of long-term care can seem overwhelming, but Nancy offers practical tips for choosing policies that cover 3-4 years of care with inflation protection to keep up with rising costs
• Flexibility in Insurance: Explore insurance options that allow flexible payment methods, including upfront payments and annuities, to suit your unique financial situation
• And much more!

Actionable Takeaways:

• Develop a Long-Term Care Plan: Having a plan—whether through self-funding, insurance, or a combination—reduces family stress and ensures you receive the care you need
• Explore Flexible Insurance Policies: Look into policies with inflation protection and customizable payment options that align with your financial situation
• Start Planning Early: The earlier you begin, the better your rates and coverage options. Aim to start by age 40 to ensure your retirement remains secure

This episode provides vital insights for women approaching retirement, empowering them to take control of their future and avoid the financial pitfalls of long-term care.

Resources:

• Get Your Own Simply Retirement Roadmap 
• #34 The Good, the Bad and the Truth About Paying for Long-Term Care: Part 1
• #25 – Navigating Healthcare in Your Golden Years
• #21 – Navigating Senior Living Decisions with Joyce Logan
• #13 – Navigating End-of-Life Care: Insights and Strategies for Women in Retirement with Jeanne Brosseau
• #12 – Exploring the Benefits of Home Care for a Longer, Happier Retirement