“Consider $2M: The Cost of Long Term Care For One Aging Parent,” by Carolyn Rosenblatt, Forbes
“The Genworth study is a wake-up call that many people ignore, based on the difficulty of facing what no one likes to face: a lot of our body parts wear out over time and dementia can creep up and destroy our ability to manage our lives for good. This is not to suggest that everyone has to buy long term care insurance. That is a complex decision best made with competent professional advice (not from a sales person) and comparison of the numerous products available. But we need to set assets aside and ensure that they are accessible when needed to pay for the high cost of long term care whether we self insure or buy a product. No long term care insurance pays for everything Medicare doesn’t cover. . . .
“Because the Genworth study only addresses things its insurance products cover, it does not look at Continuing Care Retirement Communities, board and care homes, durable medical equipment Medicare may not cover, home modification, and other things people may need as they age. It never discusses what happens when one runs out of the insurance benefits, which have limits. However, it is a starting point for you to plan for your own future or for your aging loved ones’ futures. The prospect of needing to pay out of pocket for any of these things must be looked at if you don’t want to burden the people you love. Any Baby Boomer may be thinking about this only as it applies to any aging parent still with us, but we all should consider that they are ourselves a few years down the road.”
LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):
Great advice, huh? You don’t necessarily need LTC insurance, but start saving for LTC now. Nothing in the article about Medicaid paying for most expensive LTC. This author calls herself an “elder law attorney.” Alas, most elder law attorneys are Medicaid planners and hence more the problem than the solution.
Consider $2M: The Cost of Long Term Care For One Aging Parent
#aging
#long-term care
#goldencareagent
