Long-Term Care Insurance
Covers extended custodial care that health insurance and Medicare do not.
What is Long-Term Care Insurance?
Pays for nursing home, assisted living, or in-home custodial care. Medicare covers only limited skilled care, not long-term custodial care, which is the single largest uninsured retirement expense risk.
Long-Term Care Insurance: a worked example
A private nursing home room can exceed $110,000 a year.
More terms in Planning, Insurance & Estate
Emergency Fund
Liquid reserves covering several months of essential expenses.
Net Worth
Total assets minus total liabilities.
Term Life Insurance
Pure death benefit for a fixed period, no cash value.
Whole Life Insurance
Permanent coverage with a guaranteed cash value component.
Disability Insurance
Income replacement if illness or injury prevents you from working.
Will vs. Revocable Trust
Directs assets through probate versus holding them outside probate.
Beneficiary Designation
Account-level instructions that override the will.
Probate
The court process validating a will and distributing an estate.