4 Ways to Pay for the High Cost of Long-Term Care

The need for long-term care in retirement can be a financial unknown. But almost half of people who reach age 65 will need at least some paid care over their lifetimes. As you plan for retirement, evaluate these four options for managing the cost of long-term care, should you need it.


[Title card appears saying "HOW CAN I PLAN FOR THE COST OF LONG-TERM CARE?"]

[A woman sits in a doctor's office with her husband standing next to her while two doctors review her chart with her]

When planning for retirement, long-term care costs can be a financial unknown.

It's not always possible to know how much care you'll need or for how long.

But almost half of people over age 65 will need paid care, and costs can be high.

Fortunately, options to manage those expenses can go beyond paying out of pocket.

[The couple now sits together on a park bench looking at a pond in front of them and talking]

Consider a long-term care insurance policy, especially if you wish to preserve assets for your heirs.

And if you buy in your mid-50's, you may save with a lower premium.

[The couple is now in their kitchen making a pizza from scratch with their adult daughter and grandkids]

Worried your policy's benefits may go untouched?

You could choose a hybrid policy that covers long-term care or provides a payout for your heirs.

Another option is a deferred income annuity.

[The couple is now together in their garden looking at their flower bushes]

While these don't directly cover long-term care, annuities do offer income that can pay those costs.

[The couple now walks and laughs together on the beach]

Mutual of Omaha Advisors are here to help you design a care plan that can cover you in the long-term.

[The Mutual of Omaha Advisors logo appears]

Talk to us today.