Tribune Print Share Text

Planning for health care costs

Created date

January 26th, 2010
YLi0210_MoneyMatters
YLi0210_MoneyMatters

If you ve planned financially for retirement, you probably have considered housing expenses, food and utility costs, transportation expenses, and maybe you ve even set aside some cash for leisure activities and travel. But, have you thought about the money you ll spend on health care? www.coolworks.comandwww.RetiredBrains.comboth house resources for retirees reentering the workforce. Depending on your age and health, long-term care insurance could drastically reduce your out-of-pocket medical costs, according to Carolyn Rosenblatt, a nurse-attorney and author of The Boomer s Guide to Aging Parents. Long-term care insurance may pay for things like home health care, assisted living, and nursing home stays. Long-term care insurance isn t perfect, but it sure makes a difference, Rosenblatt says. She recommends you buy a policy before you turn 60 and work with a reputable broker who specializes in long-term care insurance. Consider the premium cost, whether the policy has an elimination period and if it covers the types of long-term care you would prefer. meghan.streit@erickson.com

Comments