From Yahoo Finance: 2025-05-11 08:30:00

Long-term care insurance is crucial for retirement planning, as unexpected health costs can derail finances. Costs vary by age and coverage level, with policies ranging from $1,000-$4,500 per year. A financial advisor can help create a personalized plan. Long-term care covers services like in-home assistance or nursing home stays, costing $5,000-$8,000 monthly.

Factors like age, life expectancy, coverage amount, inflation adjustment, and location affect long-term care premiums. Purchasing early lowers costs, while inflation adjustment and higher coverage limits increase premiums. Women generally pay more due to longer life expectancy. A financial advisor can help determine the right premium.

Emergency funds are essential for unexpected expenses. Keep liquid funds in a high-interest account to earn compound interest. Financial advisors can help create a comprehensive retirement plan and match you with a vetted advisor. SmartAsset AMP helps advisors connect with clients and offers marketing solutions for business growth.

Read more: Is $2,000 a Year Too Expensive for Long-Term Care Insurance?