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During our working years, many of us systematically save for our retirement and take advantage of employer sponsored programs such as a 401(k) or 403(b). Ideally, we'd save each month with the anticipation of enjoying our retirement without any financial burden. However, unexpected financial obligations are a part of everyday life and protecting our hard earned retirement dollars should be a top priority as we head into our retirement years. There are many different financial concerns as we approach retirement but according to a recent PwC Employee Financial Wellness Survey, being able to afford health care costs are baby boomers’ highest retirement concern. 

One of the biggest threats to your retirement income is a long-term care event, which in 2017, cost between $47,934 - $97,455 annually (depending on the type of care received). The unfortunate reality is that many individuals may not be financially prepared to handle a long-term care event – which is why LTC planning is so important.


Vanguard states that, “Long-term care costs present a far different type of retirement planning challenge than annual health care costs. They are unpredictable, sometimes large, sometimes zero, and rarely covered by health insurance other than long-term care policies, which are increasingly difficult to obtain or afford.“


In full transparency, I think Vanguard is a very reputable financial institution however; Vanguard is not considering long-term care coverage that employees can purchase through the workplace, which is thoroughly explained in The Essential Guide to Group Long-Term Care Insurance, and is much easier to obtain and is often priced competitively. Long-term care policies purchased through an employer come with reduced medical underwriting, which if the employee is actively-at-work, has a high acceptance rate. Also, employer sponsored coverage offers discounted gender neutral pricing, which is far less expensive than policies purchased on the individual marketplace. Since long-term care insurance helps protect your retirement assets, it fits nicely into an employer sponsored financial wellness program.


Retirement finances can be unpredictable and often chaotic. Owning a long-term care policy will help reduce the potential financial chaos during one’s retirement years.




Zach Oates

Written by Zach Oates

Zach Oates is the VP of Marketing and Strategy where he develops group long-term care insurance strategic communications and intelligent technology decision support. Zach has been instrumental in the development of the implementation and employee education platform.
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