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Funding a Healthy Future: What's in Your Toolbox?

May 06, 2019 3 min read Ira Hellman

Even if you’re not caught between saving for college and caring for elderly parents (but particularly if you are), it’s easy to let funding your own possible long-term care costs fall by the wayside when planning for retirement. But the sooner you wrap your arms around your potential needs — and how to handle them — the easier (and cheaper) it could be to avoid leaving your loved ones in an emotional and financial lurch.

Long-term-care insurance is one option to consider — but understand that, in general, the older you are when you shop, the more these policies will likely cost (and the harder they can be to qualify for). You’ll also want to make sure any coverage you get comports with the level of care you’d want and might need.

On the other end of the spectrum, Medicare and Medicaid (if you qualify) might be able to help cover your costs, but the range of care options could be far more limited.



Here are four ways you may be able to meet somewhere in the middle:

  • Get guaranteed lifetime retirement income

    . An annuity like Prudential Direct Defined Income Variable Annuity Opens in new window can help provide a predictable annual income stream that can last as long as you do.
  • Go to work.

    Check with your employer’s HR department about employee benefits that could help you cover health care and other costs both while you’re working and further down the road.
  • Raise a BAR

    . While the primary purpose of life insurance is to leave money for your loved ones via the death benefit, many permanent life insurance policies offer an option that lets you draw some or all of your death benefit in advance1 — tax free — to cover costs associated with a chronic or terminal illness. Learn more Opens in new window about the optional benefits Prudential offers.
  • Fund rainy days

    . Stuff happens. Be prepared with at least three to six months’ living expenses that are easy to access.



Your move

Want to discuss your options? Schedule a call Opens in new window with an advisor.

Prefer talking finances face-to-face? Find a local financial professional Opens in new window.


Investors should consider the features of the contract and the underlying portfolios' investment objectives, policies, management, risks, charges and expenses carefully before investing. This and other important information is contained in the prospectus, which can be obtained from your financial professional. Please read the prospectus carefully before investing.

It is possible to lose money when investing in securities.

All references to guarantees, including optional benefits, are backed by the claims-paying ability of the issuing company and do not apply to the underlying investment options.



1 Accelerating the death benefit will reduce the death benefit dollar-for-dollar and may result in beneficiaries receiving less or zero proceeds at death, if the death benefit is fully exhausted due to benefits paid out under the rider while the insured is alive.

P-BBND(2/13), P-RID-LI-DB(5/14)


Ira Hellman is a senior writer at Prudential.


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