You may be under the impression that you and your family are adequately protected should a serious illness occur, or if long-term health care services are required either at home or in a skilled nursing facility. You have Medicare Part A, B, and D, and your post-retirement state health benefits.
But, between professional exclusions, spending maximums, out-of-pocket co-pays, the need for premium-priced branded drugs, and non-covered pre-existing condition clauses, it is highly unlikely that all or the majority of a major hospital bill will not put a big dent in your savings.
Owning a long-term care insurance policy with a reputable, well-rated company is almost a necessity for anyone with assets they wish to protect or pass-on. While these policies can be expensive, particularly, if you wait until you are older, there are an increasing number of solutions that a knowledgeable financial professional can tailor to your situation.