It may be hard to fathom, but the median annual cost of a private room in a nursing home has surpassed $90,000, and the median cost of a home health aide is already more than $45,000 a year.1 If you expect to pay for long-term care out of pocket, it might be wise to consider whether your financial resources could withstand a worst-case situation. What would happen to your retirement savings if you or your spouse became severely disabled and had to enter a nursing home? How would writing a check for $6,000 or more every month affect the standard of living of the healthy spouse, who would still need to pay for his or her normal expenses?

Many families purchase long-term-care (LTC) insurance to help cover this financial risk, but some people may be uncomfortable with traditional LTC policies because annual premiums might increase over time, and there’s a chance they will never need custodial care.

Read the full article for two life insurance strategies that may help prevent your savings from being depleted by the escalating cost of long-term care.

Source: Strategic Planning Partners