“Pete the Planner: Elderly couple learns lesson about long-term care insurance,” by Peter Dunn, Indy Star

“Dear Pete,

It’s too late for me. I’m 89 and my husband and I have been retired for 19 years. We started out with about $2 million, enough for us to live to 120, so they said. We never took out more than our Required Minimum Distribution (RMD). Two years ago my husband’s Parkinson’s became severe enough that he needed expensive full – time care. Most people should explore long term care insurance, especially if they are concerned about their assets being diverted entirely to their medical care. We had never gotten Long-Term Care Insurance, as my husband thought he could self-insure and that he was invulnerable as well.

I can no longer live to 120. I think you should stress getting this insurance while you are young and it can be relatively inexpensive. I am now taking out more than my RMD and count myself lucky that I have generous children. 

Joan”

LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):

Thanks to Stephen D. Forman’s LTCA Weekly Reader for the tip to this financial planning column.