When a primary plan of care is not enough, there is a supplement plan that pays for the remainder of fees associated with medical care or expense the insured requires.  These plans are in existence for hsopital, nursing homes including in home assistance. This type of insurance enables one to afford care that excludes out of pocket costs so one can save money in order to maintain a roof over ones head during the elderly years. Along with your social security check all of which will exist with much doubt by 2037 because payments will decrease by 24% thereafter. The question people have to begin asking themselves, if they have not already is what other income besides savings would one have to live off during retirement?

Insurance companies have created many different types of insurance plans including cancer insurance and the banks have stepped in to create mortgage reversals so that those who are homeowners can begin to liquidate their assets for income to live on. This is done for the sake for  providing alternative ways to allow people to continue to remain in their homes, to have insurance so that when times and health begin to fail a person is covered.  Banks and insurance companies are promoting the idea that you should need enough money for your living years and therefore not to outlive it. So if you liquidate all funds and assets prior to death you certainly will not leave much behind for your offspring, if intended.

I do see this as a loss to those who do not have much by way of finances especially if they have had to assist in family care and thus not earning in excess of what they would have earned had they not been beckoned to care and ultimately leaving success behind. However, there should be another alternative to retirement plans. All of which should be created to save and accumulate interest and be protected against loss with regard to the insurance company or banks ability to remain in business.

In addition to any long term care plan, a long term care supplement needs to be introduced. This type of supplement would cover the gaps that social security would be unable to pay as of 2037. With advanced notification concerning social secuity it may be time to begin or initiate a part two in supplement insurance that provides a monthly income for ones retirement years.  This would work the same way long term care insurance does. Long term care insurance is for the occupany of nursing home, assisted living and can be used for care while residing in your home. But, what about the extras that require money? Money that you should have received from social security, but funds will no longer be available for the payout that you were expecting or relying on.

With the part two supplement plan, a plan purchaser would pick an insurance company or bank to purchase the plan from. They would then choose a weekly amount of financial supplement anywhere from $250 a week onward.The monthly premium would be based on the amount one would be receiving on a weekly basis once they begin collecting payments during retirement. This plan includes inflation protection. Once the part two long term care supplement plan is purchased, one would make monthly premiums so that upon retirement a check in the amount of a weekly, biweekly or monthly distribution would be received from the company the part two long term care supplement plan was purchased from. As the amount of social secuity checks begin to lessen, the long term care supplement will assist to provide that extra income that social security will no longer provide.  This type of plan installment will provide income and financial protection for those who do not have other alternative retirement income sources. This will also provide peace of mind as this plan will pay out a requested amount including inflation protection for the duration of the plan purchasers life. The supplement plan provides the insured a way of establishing income for retirement in the event that stocks and social security result in portfolio depletion.