Tip No. 9: Consider long-term care insurance
Long-term care insurance can be similar to disability insurance, Morrill says. It's intended to provide for your care if you have trouble with the activities of daily living such as bathing, dressing and eating. Generally, it is used as you become increasingly elderly and frail and is sometimes paid out wholly or partially in cash rather than as a reimbursement of expenses for care.
"I wouldn't necessarily recommend it to a 35-year-old unless they have all their other bases covered," says Morrill, "but I wholeheartedly believe in this if you have the funds."
A comprehensive long-term care insurance policy should pay for things like remodeling a house for wheelchair access, home-health aides and home helpers to keep you in your home. It should also cover stays in assisted living facilities or skilled nursing home facilities.
"This is especially important for women," says Morrill. "Who is going to take care of you?" He says that 60 percent of long-term care insurance claims are paid to women.
"Build a plan for long-term care starting at about age 45," Morrill says. "This doesn't mean you necessarily buy a policy. But it means you think about who is going to take care of you and how you fund that plan of care."