I just saw another study indicating that 85% of Americans have not arranged for LTC. That means that either A) they choose to Self Insure which is silly or B) they choose to rely on the Government plan which is worse, its ridiculous, or C) they are to late to buy and are now priced out or are actually Medically uninsurable. those who believe in A) are usually misguided and in many cases do not have enough Risk Protected assets to actually be able to self insure. Those who fit into category B) fail to understand that most of them do not have a solid government backed LTC program other than Medicaid with all of its limitiations. Do you really want to be dependent on finding a Medicaid approved bed in a facility you would want to spend the last years of your life in? In the case of C) there are options that are guaranteed issue asset based alternatives for LTC insurance.
It actually strikes me as funny that most of the people I know both clients and friends who actually can afford to self insure are smart enough to know that that isn’t an intelligent use of their assets when they can get the protection using only a fraction of the assets if they buy protection. Some use traditional LTC insurance and some use asset based strategies. I can help with both.
Pleas get in touch if you want to investigate your LTC choices and alternatives!
Tags: Long Term Care, Long Term Care Insurance, LTC, LTCI, Non Traditional Long Term Care products, Paying for Long Term Care, Paying for LTC
January 14, 2014 at 7:55 am |
Great post. Really direct to the point and each reason was clearly stated. I write about long-term care and so I also get to read a lot of reasons why people delay their planning for this healthcare need. Besides the points you mentioned, I also just want to add that most people also think that they will never need long-term care or if they do, there’s always family to rely on. In my opinion, these are two very risky ways of thinking.
January 14, 2014 at 7:57 am |
Reblogged this on Long-term Care Diary.