An Action Plan for Long-Term Care

Many people put off creating a long-term-care plan. This step-by-step guide can help you get over inertia, dread, or both.

Christine Benz 12 August, 2021 | 2:43PM
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Life expectancy is rising all over the world. However, many people delay installing a long-term-care plan. In a survey from The Associated Press-NORC Center for Public Affairs Research in the U.S., 65% of respondents age 40 or older said they had done little to no planning for their own long-term-care needs.

Even people who expect to rely on government resources if they develop a long-term-care need should think through the financial and other implications of long-term care for their retirement plans. And people who expect to rely on their own resources or purchase some type of insurance to cover long-term-care expenses should be methodical about it, thinking through their prospective coverage needs and weighing their options.

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About Author

Christine Benz

Christine Benz  Christine Benz is Morningstar's director of personal finance and author of 30-Minute Money Solutions: A Step-by-Step Guide to Managing Your Finances and the Morningstar Guide to Mutual Funds: 5-Star Strategies for Success. Follow Christine on Twitter: @christine_benz.

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