Do You Have Long Term Care Insurance?
I don’t have Long Term Care Insurance yet, but I really need to get it. I’ve known people who have had to live in nursing homes and I’ve seen what the costs are. If you don’t have insurance, who’s going to pay the bill? Hopefully you just wake up dead, but if not, someone has to pay the price. I’m not going to sell everything I have to maintain my dignity, and why would I knowingly pass that expense on to my kids? I really believe in the coverage but I just haven’t bought it yet because it takes time to research the different policies. I don’t want to make a mistake and buy the first thing I see. I want to make sure I get the best policy for my money.
I do have Long Term care Insurance. We decided to purchase the policy when I was 58 years old because my wife is 11 years younger than I am and so chances are I’ll require care before she does. We don’t want to deplete our other estate funds to pay for my care, so we thought the coverage would be a value. My wife doesn’t currently have Long Term Care coverage because she’s only 52, but we might want to consider that eventually. She’ll most likely survive me and we feel that if she were to become ill, we could cover those expenses. I feel that there’s more of a need for me to protect her and to preserve the estate for the 35 or so years she has left.
I do have Long Term Care Insurance. My daughter got the policy for me and she pays for the premiums. To quote an old saying, “It’s better to have it and not need it than to need it and not have it.” When my husband was sick, we had a lady care for him, but that wasn’t covered so we had to pay for it. That can deplete your savings fast because those services are very expensive. I really don’t want to be a burden to my family. If my daughter didn’t pay for the coverage, I would because if I needed daily care, how could I expect my family members to provide it? They have their own lives, and besides, professionals are trained and could probably help me more.
About 15 years ago, I decided to get Long Term Care Insurance for my wife, but to my shock, I found out that she didn’t qualify because she used a walker. I investigated different companies and policies, but the response was always the same. At the time, I didn’t think about covering myself, but I knew I had to save money to take care of both of us because the expenses are rather large. I did it by investing in the stock market and I set that money aside. As I got older, I considered getting the coverage for myself because I firmly believe in it. Since then, we have had home health care for my wife and she’s also been in an assisted living facility where she gets 24-hour care and that costs $7,000 a month. If something happens to me, I’ll probably use that facility too…if there is any money left.
Abe Glickman, LTCA, LTCP
Member: AALTCI, NAHU, NAIFA, SOA
Abe Glickman Insurance Group
Toll-Free Phone: 877-298-5824
“It is better to create a plan 10 years too soon than one day too late.”
Questions or Comments? Give me a call!