Long-Term Care is the care you receive when you are not able to perform activities of daily living such as bathing, eating, dressing, and transferring on your own. There are many different levels of care and facilities for which to receive care. Regardless of which means you receive care; the care will be very expensive. Monthly cost between $6500 – $10,000 per month.
People with over $100,000 of investable assets are truly the ones that need protection. It’s unfortunate that the cost is so great that the average middle-class earner will most likely have to give up everything they worked for, to be able to qualify for Medicaid, in order to pay for Long-Term Care expenses.
To those that do have investable assets to protect, there are many different ways you can protect against the high cost of Long-Term Care. The main three types of protection are health insurance products, life insurance, and annuities. All three of these chassis have many different levels of protection of which need to be evaluated to determine which plan of action would be best.
Remember that failing to plan, is planning to fail. You must always protect yourself from untimely events and plan for the unseen. I am sure that each and every one of you would prefer not to use a nursing home or assisted living facility, but let’s be honest, today’s generation will not have the time nor the money to take off work and take care of a loved one for 24 hours a day without going broke themselves. It only takes a few moments to discuss, pick a plan of action and put it to work! Now is the best time to shop because you will never be any younger and you are only one doctors visit away from possibly not having options at all, so the time is now!