If you're a senior, you should review your insurance policies and needs to ensure your coverage is adequate.
Inflation has been hard on many Americans, but perhaps none more so than seniors living on a fixed income. The financial sting may hit even harder for retirees who can't offset inflation with wage growth that working individuals have enjoyed. While inflation has cooled in recent months, seniors on tight budgets still need to be mindful of every dollar they spend.
'A 55-year-old couple that spends between $7,500 to $8,500 per year on traditional insurance will have about $500,000 to $600,000 of coverage that will automatically grow to about $1 million or more by the time they need care due to an inflation growth option,' says Baron.'The key is whether someone can afford the insurance. If people can afford the insurance, they should at the very least investigate it and see for themselves.'Compare your long-term care insurance options here.
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