According to a recent study by Fidelity, a 65-year-old couple retiring today will need $300,000 to cover their medical expenses. Unfortunately, that eye-watering number only includes insurance premiums, deductibles, and copays. If you or your spouse need long-term care, which isn't covered by Medicare, your health care costs could end up putting a serious crack in your nest egg.

Now, I don't say that to scare anyone. The point of our conversation on today's episode is to underline just how important it is for seniors to understand what the potential out-of-pocket costs of long-term care can be, what kinds of long-term care insurance options are available, and how to incorporate your health care needs into your financial planning.