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 Long
Term Care Insurance
LTC (Long Term Care) insurance is not for everyone. Let’s face
it, the idea of going to a nursing home does not make for great conversation.
It makes the children feel guilty and the parents simply do not want
to be a burden. So what are your options?
- Private Pay – Pay until your money is
gone! Got $300,000 to burn? If your social security/pension check
exceeds $3-5,000 a month, you’re OK. Is this good business
practice? Maybe, maybe not!
- Medicare – 20 days of skilled care.
That’s pretty much it!
- VA Facility – Go for it! If you can
get on the waiting list. Excellent idea for those who qualify.
- LTC Insurance – It’s expensive!
Do I recommend it? Yes, A five year benefit
with an inflation rider. Keep it simple. Use your social security/pension
to supplement the insurance to keep the cost down – If you
can qualify.
- Alternatives – There are lots of alternatives.
Where you keep your assets is the key. Medicaid Planning
is a concept by which you preserve your assets within
the framework of Medicaid rules. This is not a “Do-It-Yourself-er”,
you need an expert.
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