If I have enough money, do I really need LTC insurance? Part 2

12/08/21 • 14 min

This week, Diane discusses why covering the "average" 2.5 year LTC need may not be enough to protect your family. 500,000 families will be hit by Alzheimer's disease in the next 12 months, turning their whole family upside downin an instant. People with Alzheimer's live anywhere between 3-11 years, and sometimes for 20 years or more. Today, dementia care can cost more than $10,000/month. How long can our families support this need? The time for planning is before something happens!

Previous Episode

How does the Alternate Plan of Care work?

This week, Susan in Minnesota wants to know how the Alternate Plan of Care clause works in a long term care policy. Diane first shares what a Plan of Care is and then shares some examples of when the alternate plan of care clause helps both the carriers and the policy holders. Some contracts include this clause and some don't. It depends on what type of plan you have and when it was placed in force. Read your policy. Ask me for help if you don't understand what it says.

Next Episode

If I have enough money, do I really need LTC insurance? Part 3

This week, Diane shares that assets don't pay for LTC needs; income pays this as LTC services create a bill, or invoice that must be paid weekly or monthly. If we don't have enough income, we need to sell assets to create income. Diane shares some of the financial consequences when we rapidly start selling assets to fund an extended care need.