Long Term Care is rarely talked about in family settings, but it should be. It's hard to start the conversation but Genworth has done a great job with a few video's that will help you start the conversations: CLICK HERE
Keep in mind that Long Term Care prices rarely fall, they continue to rise each year. CLICK HERE for Median Cost of Long Term Care for 2017 for States in the USA.
When researching Long Term Care (LTC) there are two good options for you to choose from:
Traditional Long Term Care
Life Insurance IUL plans
Long Term Care has you pay into the system for a certain amount of years and then IF you need the funds down the road you have access to them - if not, you might loss them.
IUL plans incorporate a Death Benefit and some offer Long Term Care Benefits built in. One nice thing about using an IUL as your savings for Long Term Care is that if you don't use it for LTC you can use it to pass on to your beneficiary's when you perish, instead of "loosing" the money you put into a traditional Long Term Care product (if you don't need the LTC).
One Life Insurance company providing IUL's with Long Term Care benefits actually allows a family member to receive the funds for taking care of you, instead of a facility. It also does not require receipts for the money they pay out to you each month; which is a big time saver!
Keep your options open when it comes to Long Term Care, but make sure you do something sooner, verse later. Social Security will not be able to cover most Long Term Care monthly costs!
Family example: My mother-in-law ended up with Diabetes and it overtook her due to poor management in her earlier years. She now has to have full time care to remind her to take her pills (15 of them per day) and to make her meals and help with bathing, etc. What makes this even sadder is that she is only 65 years old and this is her "lot" for the rest of her life. Being cared for by others. We had to move her to Oregon because her benefits had run out in Florida and they were going to transfer her to a homeless shelter. Unfortunately, she had not worked the required 40 credits during her life time benefits. It was a lot of hassle, paperwork and time finding her a place that she could "afford" on $751 per month and that we felt comfortable with the care and quality of the home.
Genworth did a great study comparing 10, 20 and 30 year price increases. Below is there 10 year estimate and as you can see it went up quite a bit. CLICK HERE to see the study and compare 10, 20 and 30 year estimated Long Term Care rates as they continue to rise.
Make time to talk the Long Care Term talk now, before you need it down the road...when it's too late.
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