This article is to accentuate the concept of having a plan….not a policy. Nobody wants to buy insurance for something they do not think will happen. After all, I do not buy the extended warranties on my kitchen appliances. I do know it is possible they can need service, but I am willing to take the risk. That is my plan. However, if I have to replace my dishwasher…it will not be financially devastating or have any major effect on my family.
Although I believe that the risk of needing care may be less than my dishwasher breaking (hopefully) … the consequence to my family financially and emotionally could be devastating. My “plan” would most likely be to be able to stay in my own home…my last choice would be to enter a facility. The cost of home care can be as much as $100,000 per year. Where would the money come from? Without insurance I would have to rely on my income or assets. In retirement, my assets would be providing most of my income….and there is no “extra” income. So in actuality, Long Term Care Insurance would be the least expensive way to finance my “plan”. This way my assets and income would be undisturbed, and my family could continue their lives and lifestyles without having to sacrifice.
The conclusion is that Long Term Care planning is not about the risk of needing care…..its about the consequences to your finances and family. A good Long Term Care Insurance specialist can custom tailor an insurance plan to suit your needs and your budget. Schneider & Shulman Associates will do that for you at no charge. Call us toll free at 1 877 View LTC or visit ssltc.com
David Shulman & Jay Schneider