You’re 100% committed to protecting your family. So you make sure that you’ve secured health insurance, life insurance and disability insurance. But are you missing a critical element of your financial safety net?
I’m talking about long-term care insurance. In this month’s Protect Yourself, we’re going to discuss what this often-overlooked coverage is and how not having it could derail your journey to Financial Freedom.
You Probably Need Long-Term Care Insurance
According to recent studies conducted by Morningstar, more than half of people turning 65 are expected to have a long-term care (LTC) need during their lifetimes. The average length of stay in a nursing home is right around a full year. And that’s an astoundingly expensive year.
Do you think health insurance, disability insurance, veteran’s benefits, Social Security, Medicare, Medicaid or a government service will cover those LTC needs at a safe level? Think again. Non-LTC insurance policies simply don’t cover long-term care.
Dr. Tony is the co-founder of MindShift.money and the best-selling author of three books on personal and business finances. Having achieved Financial Freedom at 27, Dr. Tony believes that through Financially Fit Bootcamp and Cash Flow Cure everyone can get there. He has made it his life’s mission to help others live a life where their money works for them—not the other way around.