Planning For Long-Term Care – An Alternative to Insurance

If you are over 65, you probably have a revocable living trust and a burial plan. And you probably do not have a plan for long-term care. If not, you aren’t alone – recent statistics say that 93% of seniors are in the same boat. That’s dangerous, because a Harvard study concluded the number one cause of senior bankruptcy is costs associated with a long-term illness.
Statistics say that 7 in 10 seniors will require some form of care in their lifetimes – 4 in 10 will need care for two years or more. With the costs of a nursing home in California averaging about $8,000 per month, you can see how large the problem truly is.
Most seniors who have investigated long-term care insurance have found it to be cost prohibitive. For a healthy couple, $200-400 per month will only buy protection for about two-thirds of the costs. If they have had a medical challenge, it can range much higher. Many have chosen to take their chances and do nothing.
There is another option – government benefits exist for long-term care. In fact, benefits are available for in home care, assisted Are Pesticides Safe After They Dry living, and skilled nursing homes. About two-thirds of all patients in a nursing home are receiving these benefits already.
The downside of benefits is that they usually come with strings attached. If you have heard anything about these benefits, you probably are under the impression you cannot have any savings and that your home will be lost after your death. Those are both possibilities in a worst case scenario. However, remedies exist to protect your assets, savings, investments, and your home.
If you are serious about getting benefits when you need care, do something today. There are two good reasons: 1) to identify any assets that might be lost if you need benefits, and 2) so you can make your own decisions. If you don’t do something in advance, someone else will be forced to do Best Indoor Insecticide so when an emergency occurs. They will be dealing with all sorts of resulting guilt and emotion. You are in the best position to protect what you’ve built. You are in the best position to take the burden off your loved ones. A little planning today can help protect your assets tomorrow.

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