Long Term Care Insurance an Important Part of Retirement Planning

Financial advisors frequently advise clients nearing retirement age to consider long term care insurance as they plan for their futures.

Offering a series of retirement planning tips on Investopedia.com, Steven T. Merkel notes that the 72 million members of the Baby Boom generation have already begun to reach retirement age.

Among his suggestions are to create a retirement income plan and to ask the Social Security Administration for an estimate of one's projected monthly benefits about six months before retirement.

Merkel adds that health insurance and how to pay for it are crucial details, while also advising people to set up cash emergency funds, consolidate their assets and update their estate documents. Long-term care insurance is also offered as an important detail, since this could help cover future healthcare and other such costs that Medicare will not.

Elsewhere, Ray Landis of the AARP Pennsylvania office told the Pocono Record recently that long term care insurance has become increasingly mainstream in recent years because "children have seen what their parents have gone through."

For more on securing your financial future with long term care insurance, visit InsureMe.com today.