theworldaccordingtojohnnie

Yes…it’s Long Term Care.

Let’s be honest, no one wants to be in a urine infested facility when they get older.  I’m sorry to be so graphic, but it’s true!  Most do the best they can- but when you have hundreds of patients without ambulatory skills and a work force ever declining due to expense cuts- voila- stinky!  Wouldn’t be nice to be at home as absolutely long as you can be and not deplete your children’s inheritance in the process?  No one likes to think about it- but almost inevitably the people that buy it are those that have parents going through a heavy care need and they in no way want to do this to their children.  Here are some options (besides doing nothing):

• Long Term Care Insurance- and like most of these type policies, they are better buys when you are younger than older.  Some cover costs just at a facility, some at home also.  Some plans (like here in California) have the state backing up the plan if you run out of coverage.  (Why would they do this?  Because they know they have a major problem on their hands and are hoping that this motivates you to purchase the coverage so that they’re not stuck with it down the road.)  Options to purchase shorter or longer periods, but the most important thing to remember is that you are purchasing a “bucket” of money.  Cons- if you don’t use it you spent a fair amount of money…but the odds are that you will!
• Financial Planning (Gifting away your assets):  People will say that it’s an entitlement you’re owed.  Sure, bankrupt yourself so that the rest of us can pick up the bill.  That’s the American way…  Be careful of gifting, the welfare departments are onto it and will probably claw back most of what you try to gift away and create an even bigger problem for your beneficiaries.
• Life Insurance!!  There are some exciting new products where Long Term Care coverage is almost given away.  With careful and timely planning, this is probably your best and most economical option (at least in the world according to Johnnie).

Act soon to protect your independence!