Final answer:
At the age of 60, Mildred should maintain or enhance her long-term care insurance and increase her retirement savings contributions rather than canceling her insurance or looking for high-risk options. Planning such as living wills and medical power of attorney should also be considered to ensure autonomy in her healthcare decisions.
Step-by-step explanation:
Mildred, who is now 60 years old and experiencing an increase in healthcare needs, should consider exploring options that will support her as she continues to age. Instead of canceling her long-term care insurance, it would be wiser for Mildred to maintain or even enhance this coverage, as it could provide her with vital financial support for any ongoing healthcare costs or services she may need. Additionally, retirement planning is critical at this stage, so increasing her retirement savings contributions, rather than opting for a new life insurance policy or high-risk health insurance options, would likely be a more appropriate strategy. It is important for individuals nearing retirement to ensure they have adequate income for their old age, which can be achieved through savings, investments, and proper insurance planning.
At this stage in her life, Mildred may also want to look into other forms of planning for the future, such as living wills or establishing a medical power of attorney. These decisions can grant her autonomy in her healthcare and support decisions as she gets older. Furthermore, with potential uncertainties regarding the long-term budget outlook for Social Security and Medicare, proactive financial and healthcare planning becomes even more essential for those approaching retirement age.