Retirement planning often overlooks a crucial factor: the soaring costs of long-term care (LTC). Many individuals, myself included, haven’t thoroughly evaluated their potential LTC needs and costs. Recently, I utilized Waterlily, an AI-driven platform, to assess my long-term care requirements and funding options. The analysis revealed a 70% probability of needing care, with estimated costs reaching $1.48 million due to prolonged care needs. It highlighted that the misconception about Medicare covering LTC expenses is widespread, as its coverage is limited. Waterlily also offers personalized solutions, including a mix of self-funding and insurance, to address funding gaps effectively. In my case, a strategic LTC policy significantly closed the coverage shortfall. Overall, planning for LTC using AI can provide foresight and confidence in addressing financial implications, making it a critical component of retirement strategies today. Utilize tools like Waterlily to ensure comprehensive retirement preparation.
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