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About Long Term Care

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There's not much worse...

If you every need any kind of long term care, then you really care about just two things:


First, not being a burden to your family.  They will want to help, but doing so will disrupt their lives.  


Second, the ability to pay for your care without having to liquidate your capital or sell your physical assets on Next Door, Offerup, Craigslist or with the help of an auctioneer.  

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Long Term Care Is Expensive

As it turns out, the ability to pay for care today is not that easy.  It’s mostly private pay and ranges from $32k a year for care at home to $92k a year for care in a nursing home.  If you need in your mind an example of a $92k, close your eyes, clear your mind and then picture brand new red z06 Corvette. Say you needed care for 3 years.  Then picture a white and a silver one too.  That’s a lot of money.


Look, this is about consequences of an unexpected need for long term care and a possible solution that to mitigate the consequences.  

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Have you thought about long term care lately?

So, have you thought about long term care recently?  Then you’re the last of your kind because it’s like the elephant in the room. David Cassidy and Glenn Campbell made headlines because of their bout with dementia and Alzheimer’s Disease.  Facebook friends are posting about their parent’s ailments and some of their own too.  Just the other day I saw a request for a nursing home recommendation via the Nextdoor app. 

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Your probably not going to need long term care.

Look, you’re probably not going to need long term care and by the way, I don’t think I will either.  But the thing is, the unexpected need for it and not having planned for it has consequences, two of them to be more specific, and they are not good. 


First, an impairment will eventually become all-consuming which creates a safety issue. The result is that those you love have no choice but to step in to provide what amounts to 24-hour care. In turn this has a deep impact on their lives.  


If children are involved, at least one will likely have to put aside his or her life to assist particularly if the caregiver spouse starts to buckle, assuming there is a spouse. If not, the child will have no choice.


Since children rarely provide care equally it causes hard feelings between those who do and those who don’t.  The result, no more happy family reunions.  

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Luxury Beach House

Reallocation of Income & Capital

Second, the cost of care will force a reallocation of both income and capital. The problem is that they were never meant to pay for care, which means that doing so will disrupt every plan you’ve created to secure financial viability in the future.  Why, because long term care is expensive.  When you need care, say some 25 years from now, the cost of care will have doubled.  

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Your probably not going to need long term care.

Let me tell you a little bit about a possible solution.  It’s called a long- term care plan.  The plan involves having others provide your care so your family can be overseers, and since care is expensive, you’ll need a source of income to fund the plan.


Most people I help fund their plan with a long-term care insurance product because they found it to be the most viable funding solution.  


Let's talk.  Click the button below to request a quote and no obligation consultation.

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