Consider long-term care insurance

Kevin Lao, CFP, founder of Imagine Financial Security, LLC, would recommend to anybody to go for long-term care insurance, in case an unexpected health crisis arises and takes you by surprise. As he explained, the majority of people will choose to wait until they are in their 60s or 70s to think about this.

Unfortunately, premiums are extremely expensive, which makes it even harder to pay for one, especially last minute. Besides, an unfavorable diagnosis might preclude you from purchasing long-term care insurance.

In fact, there’s a recent study that shows how 70% of long-term care is given by unpaid caregivers, which are oftentimes family members. This only validates insurance more, as folks that want to “self-insure” are simply not doing so.