Imagine a hard-earned 250K – 500K retirement nest egg gone in less than 60 months…
But that’s not the worst of it…
Imagine now having to care for a spouse, a loved one, or even yourself, with little to no ability to pay for proper, qualified, and dignifying care…
Especially when the average American underestimates the cost of in-home long-term care by almost 50%.
Yet that’s exactly what most families are about to experience in the next 7-10 years…
And this will happen regardless of who’s president, and which political party controls the White House, Congress, or the Senate…
It won’t matter.
Add to this the staggering rising costs of Long Term Care costs nationally…
The fact that every day until 2030, 10,000 Baby Boomers will turn 65 and 7 out of 10 people will require long term care in their lifetime…
And you have a situation which will rip apart the financial and emotional fabric of hundreds of thousands of American families.
It may already be an inevitable demise for many.
Now some people may feel they’ve planned ahead and are “good to go”…
They may think they have a good health insurance, money saved up, and friends and family that will pitch in here and there if something were to happen…
But the best planning will not be enough if you don’t have the right tools.
I remember when my paternal abuela (grandma) got Alzheimer’s…
It was a near breaking point for us.
Imagine now, a stranger basically living in your house without a notion of when night and day is…
Without a social filter on what to say, and what to do…
Completely unaware of who her family is, and one hundred percent dependent on others, 24 hours a day – 7 days a week!
I don’t care who you are, or how well you think you’re prepared for this…
No one is!
The emotional tax is just cost-prohibited…
But if you at least have the means to care for a loved one in a way that the financial stress is less of a burden…
It may make the difference between a peace of mind caregiving scenario…
Or a nightmare you’ll never wake up from, that will drive you and your family insane.
We went through it…
Call me… I’ll be happy to tell you the story if you want to know…
Which is why I’m hell-bent on making sure as many people as possible get the ONE financial tool that can help them avoid this crazy scenario…
A Long Term Care insurance policy.
Get it while you can…
While you’re still healthy…
So you can afford it.
I got my parents a long term care insurance policy each when they were in their fifties…
Now my mom is 75, and my Dad 79…
God forbid some debilitating chronic condition would happen to them…
They have the right tool ready for deployment.
At least they don’t have to worry sick about how to pay for care at home, or a nursing home if they decide that’s a better option.
Because if you think that Medicare or your snazzy corporate healthcare plan will fork out the cash for in-home long term care services…
THINK AGAIN…
Medicare, supplemental insurance, and HMOs do not cover services related to personal care, companion, respite, or home maker…
Clinical services like nursing and physical therapy… Yes…
But in limited fashion only.
Really, what most people need which is basic personal care, and help at home…
Your insurance will not cover!
Only long term care insurance does.
I wrote a detailed report on this…
Here it is in case you don’t have it.
Bottom line…
Here’s what I want you to remember…
It’s our responsibility to care for ourselves or our families…
And no one is prepared enough.
Anyway I’ve gone too long already…
Sorry… it’s a topic I’m clearly passionate about because I see it with families I work with everyday.
In part 2 of this series…
I’ll quickly cover the finer points of Long Term Care insurance…
What to look for when shopping for one…
And where to get the best one for you at an affordable price.
Take good care,
Claudio “Saving the Day” Alegre
P.S.
Here are Part-2 and Part-3 of this series!
- The Memory Quilt - October 9, 2024
- Your Mother Wants To Come Home From An ALF, But Your Nephew Has POA. What To Do? - June 8, 2024
- Will Medicaid Take My House To Pay Back Benefits? –Medicaid Myths vs. Facts About Your Primary Residence - February 2, 2024
