In this episode of the Retire Early Podcast, financial advisors and retirement planners Sam Benson and Linwood Fraher discuss the crucial topic of long-term care and adult daycare. They delve into various aspects of long-term care, including what it is, who needs it, and different ways to prepare for it financially. Key points include the costs associated with different types of long-term care, from in-home nursing to assisted living and memory care facilities, and how to financially plan for these expenses. They also explore the strategy of self-insuring versus purchasing long-term care insurance or utilizing Medicaid. The episode emphasizes the importance of having a comprehensive financial plan to ensure you and your loved ones are protected in the event of needing long-term care.
https://www.carescout.com/cost-of-care <- Referenced article http://retirewithmartin.com/ <- Learn about working with us
00:00 Introduction to Today's Episode 00:55 Hosts' Personal Updates and Banter 02:31 Transition to Main Topic: Long-Term Care 06:51 Understanding Long-Term Care 11:41 Medicaid and Long-Term Care 16:17 Self-Insuring for Long-Term Care 18:57 Long-Term Care Insurance Options 24:54 Final Thoughts and Conclusion
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