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