Episode 196: Planning for Long-Term Care: Insurance vs Self-Insuring

Send us Fan MailLong-term care is one of the biggest unknowns in retirement planning. While many physicians can estimate their retirement spending, it’s much harder to predict if, and for how long, long-term care will be needed.In this episode, Elisa breaks down the real costs of long-term care, how long most people actually need care, and whether long-term care insurance makes sense for physicians.Learn about:What counts as long-term care and typical costsHow long people usually need long-term careThe difference between self-insuring and buying long-term care insuranceHow long-term care insurance works—and its major downsidesWho long-term care insurance may make sense forThis episode offers a practical, non–fear-based framework to help you decide how long-term care fits into your overall retirement plan. To look at current cost of long-term care at different locations in the United States, check out https://www.carescout.com/cost-of-carePlease subscribe and leave a review on your favorite Podcasting platform. Get 12 Financial Mistakes that Keep Physicians from Building Wealth at https://www.growyourwealthymindset.com/12financialmistakesIf you want to start your path to financial freedom, start with the Financial Freedom Workbook. Download your free copy today at https://www.GrowYourWealthyMindset.com/fiworkbookDr. Elisa Chiang is  a physician and money coach who helps other doctors reach their financial goals by mastering their money mindset through personalized 1:1 coaching .You can learn more about Elisa at her website or follow her on social media.Website: https://ww.GrowYourWealthyMindset.comInstagram https://www.instagram.com/GrowYourWealthyMindsetFacebook https://www.facebook.com/ElisaChianghttps://www.facebook.com/GrowYourWealthyMindsetYouTube: https://www.youtube.com/c/WealthyMindsetMDLinked In: www.linkedin.com/in/ElisaChiang Disclaimer: The content provided in the Grow Your Wealthy Mindset Podcast...