| What does long term care insurance protect? In | | | | taken from you. |
| some instances this is an obvious answer. Let's | | | | Secondly, your assets are being protected. There |
| keep the burden of care giving away from our | | | | are basically three phases of money: |
| kids; they have their own lives to live. The other | | | | Accumulation, Protection, and Disbursement. |
| obvious answer is protecting ones assets. The | | | | Accumulation Phase |
| longer we live the greater the chances of having | | | | The accumulation phase is what you work for all |
| a long term care event in our lives. Let's take a | | | | your life to build up for retirement and to pass on |
| look at both areas. | | | | to your heirs. Without a Long Term Care |
| Having come from a family where my mother | | | | insurance policy, an event like Alzheimer's or a |
| was the primary care giver for my grandmother | | | | Stroke could definitely put this nest egg of |
| after her onset of Alzheimer's disease, I can truly | | | | accumulated wealth in jeopardy. |
| concur with many people who absolutely do not | | | | Protection Phase |
| want to, and will not put their own children in peril | | | | The protection phase of money is just that, |
| of being a caregiver. | | | | protects what you have worked for and earned |
| I actually saw my own mother age probably 10 | | | | over the years. You cannot look at LTC insurance |
| years, over an actual 2 year period of care giving, | | | | as a cost, but rather a simple way to protect |
| before my grandmother was admitted to a | | | | your assets so that they are there when you |
| 24-hour skilled care facility. This definitely made its | | | | need them. If these assets are diminished from a |
| mark on me, something one will never forget I | | | | LTC event, it could leave you, and or your |
| assure you. | | | | spouse impoverished for many years to come. |
| Other than the transfer of burden of away from | | | | Not to mention not being able to pass assets on |
| your own children, there is one other item that | | | | to your heirs in the disbursement phase of |
| sticks in my mind. That is the choice involved with | | | | money. |
| your own care or your spouse's care. | | | | With a Long Term Care insurance policy in hand, |
| Most people prefer to stay at home as long as | | | | the possibility of having choice, being well cared |
| possible. Long Term Care insurance is one way to | | | | for, not putting a burden on your kids, and being |
| accomplish this without dipping into family funds or | | | | able to live out retirement in the manner of which |
| care giving. Let's face it, a LTC event is costly, | | | | you are accustomed becomes a real possibility! |
| both mentally and financially. One year stay in a | | | | In conclusion, long-term care insurance serves |
| long term care facility can cost up to $90,000. | | | | two purposes. The first is to provide money to |
| That cost will rise significantly within the next 10 | | | | help cover a long term care and event without |
| to 15 years. Without long term care insurance the | | | | having to burden our family are children with this |
| options are very bleak unless you are | | | | responsibility. The second is to protect our nest |
| independently wealthy. Having a plan that can | | | | egg from the financially devastating impact of a |
| offer financial means as well as a feeling of being | | | | long term care event. |
| in control is an alternative to having everything | | | | |