Grandmother & Child
  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?
  1. 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!

  2. Medicare – 20 days of skilled care. That’s pretty much it!

  3. VA Facility – Go for it! If you can get on the waiting list. Excellent idea for those who qualify.

  4. 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.

  5. 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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