People Are Living Longer / Good or Bad?

With longer life comes an increased potential for health complications. How many people do you know who are Home Bound or in some type of Care Facility?

Case in Point:  One of my clients, who is in her 60’s, recently expressed deep concern about the possibility of Long Term Care (LTC) expenses as she gets older.  Her mother, who is 94, has been confined for the past 6-years.

The good news is that many years ago her mother had purchased a Long Term Care Policy. And, although the plan was a good one at the time, the bad news is that the cost of staying in a long term care facility today, has increased dramatically over the years. Her coverage ran out and she had to drain her savings.  She will e on  Medicaid within a few more weeks.

Needless to say, my client was reluctant to consider a long term care policy for herself.  She added, that what if she never uses her Policy?  What about all those premiums she would have paid in?  She was considering "self-funding", but I then presented a plan that addressed all her concerns.

NEXT WEEK:  (LTC)  How To Have Your Cake And Eat It, Too.