Retirement
Preparing for Retirement
Senior Short-term Care
Preparing for retirement involves more than just saving money—it requires thoughtful planning around healthcare needs and income sources that will support you over the long term. Two components to consider are Short-term care and Social Security benefits. Both can significantly impact your financial stability and quality of life in retirement if not planned for carefully.
Short-term care is often overlooked, yet it can be one of the largest expenses retirees face. As people live longer, the likelihood of needing assistance with daily activities—such as bathing, dressing, or managing medications—increases. These services are not typically covered by standard health insurance or Medicare, which can leave retirees exposed to substantial out-of-pocket costs. Planning ahead may involve exploring short-term care insurance, setting aside dedicated savings, or considering hybrid policies that combine life insurance with Short-term care benefits. The earlier you evaluate your options, the more flexibility and affordability you’re likely to have.
Social Security Benefits
Social Security benefits form a foundational income stream for many retirees, but deciding when and how to claim those benefits requires careful consideration. While you can begin receiving benefits as early as age 62, doing so will permanently reduce your monthly payments. Waiting until your full retirement age—or even delaying until age 70—can significantly increase your benefit amount. The right choice depends on factors such as your health, life expectancy, financial needs, and whether you plan to continue working.
One of the most common mistakes people make when applying for Social Security is claiming benefits too early without fully understanding the long-term impact. Another frequent error is failing to coordinate spousal benefits, which can result in leaving money on the table. Additionally, some individuals overlook how working while receiving benefits before full retirement age can temporarily reduce their payments due to income limits. Others neglect to account for taxes on benefits, which can affect their net retirement income.
Avoiding these pitfalls starts with education and planning. Take time to review your earnings record for accuracy, understand your full retirement age, and consider consulting a financial advisor to develop a claiming strategy tailored to your situation. By approaching both long-term care and Social Security with a proactive mindset, you can reduce uncertainty and build a more secure, sustainable retirement.
Expecting the unexpected
Whether you are working or retired, it's important to consider the cost of health care and how an unexpected accident or illness could impact you and your family's finances. Even those you lead a healthy lifestyle may be at risk of experiencing an unexpected need for recovery care due to the onset of health issues and disabilities.
At least 70% of people over 65 will need long-term care services and support at some point.*
Daily Nursing Facility - Including assisted living and bed reservation
A plan that will pay a daily maximum, with a choice of covered days from 90 to 360 days. Included a lifetime maximum equal to twice the number of covered days.
Flexible waiting period from 0 to 120 days and is available for those ages 50-89 (age at last birthday)
Daily Hospital Indemnity
Pays a daily maximum for each day of confinement in the hospital with a lifetime maximum of 365 days.
This coverage will pay a daily hospital benefit if you are confined in a hospital, including observation stays in a hospital
Home Care
A plan that pays a benefit for each week when you receive qualified professional home care visits in your home, provided you cannot perform 2 or more ADL or have cognitive impairment.
It covers medical & non-medical services from a licensed home care provider or your choice. No deductible, elimination period, or prior hospital stay required.
Senior STC - Some of the Benefits
More about the plan
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Benefits are paid directly to you, or a medical provider that you designate.
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Benefits are paid in addition to any other health care insurance coverage.
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Benefits are non-taxable
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The insurance policy is guaranteed renewalble as long as the premiums are paid on time.
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Return any policy for any reason within 30 days after receipt for a full refund of all premiums paid