Plan for extended care
When addressing the issue of longevity as in the Nov. 15 article Women face a key investment challenge: longevity, it’s essential to discuss the importance of long-term-care insurance. This is our largest exposure.
Statistically, there’s a 70-percent likelihood that we’ll need care, and its expense can wipe out one’s life savings, despite helpful financial planning, as Andrew Menachem suggests.
Other than the cost of long-term care, there’s nothing else that can involuntarily make us lose our life savings and our independence.
Talk about longevity? It helps protect us against living too long.
Long-term care was not mentioned in the article, and not considering it as part of an overall plan is irresponsible.
Arthur Cohen, Miami
This story was originally published November 20, 2014 at 6:49 PM with the headline "Plan for extended care."