LTC – Long Term Care Insurance

We are all living longer. Some of us would like to pass on a legacy. What is happening is that retirement home living is the new reality and it is not CHEAP. The landscape of inheritances is changing. Your inheritance is being used to pay for care at the rate of $2000 – $6000 a month.

Ten years of retirement home living can wipe out years of savings. LTC is a less expensive solution and can preserve the nest egg, to be passed on to the next generation. There are 6 activities of daily living: Bathing, Eating, Dressing, Transferring, Toileting and Cognitive Impairment. The benefit is paid when 2 of the activities of daily living cannot be performed.

There are multiple permutations in these types of policies that should be explored. One must be quite healthy to qualify for this type of insurance. If you do not qualify for this type of insurance, it is necessary to go to plan B…self insurance and a good financial planner or investment advisor should be engaged to help you accumulate a pool of capitol for the purposes of retirement living.