“A Simple Guide to Planning for a Loved One’s Long-Term Care,” by Mikey Rox, Kiplinger

“In the worst-case scenario, you don’t have the option of long-term care insurance. This can be a daunting prospect, but it’s not the end of the world. Salter suggests two solutions that will provide monthly income that can go toward the cost of care. The first is cash value for life insurance, which is essentially the cash amount offered to the policy owner by the issuing life carrier upon cancellation of the contract. The second is taking out a reverse mortgage on the elderly family member’s house.”

LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):
How naïve! People who find themselves in this fix are much more likely to shelter their life insurance cash value in exempt assets and take advantage of Medicaid’s home equity exemption up to $840,000. Why does the author think so few people have LTC insurance in the first place?

A Simple Guide to Planning for a Loved One’s Long-Term Care

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