By Eric Greenhow
Have you had an elderly family member who has entered a nursing home or assisted living facility? Or possibly a parent or grandparent who requires long term care, provided by a nurse, physical therapist or caregiver in-home?
If you haven’t yet, you may be unaware of just how costly these services can be! Long term care cost for the elderly can be upwards of $5,000 – $10,000 per month, depending on the level of care they need.
Why is long term care insurance important?
I’ve helped many families through this exact scenario. Some are prepared for this event, and others are not. One example that comes to mind is a child (in their 60’s) who assumed they’d receive a handsome inheritance upon the death of their mother (in her 80’s). The mother eventually could not take care of herself and spent nearly her entire wealth on long term care costs by the time she passed. This left the child with only a fraction of what they anticipated.
The cost of not having long term care insurance
Another example is a married couple who figured they had plenty of money to support both of them for as long as they lived. However, in this case, the wife could no longer take care of her husband and he had to enter an assisted living facility. Once again, most of their household wealth was spent caring for him — at nearly $9,000 per month — for several years. Upon his passing, the surviving widow had to deal with a much lower income from their portfolio than she had hoped for, and the undue stress that came with it.
Protect you, your loved ones, and your future
Neither situation is a good one to be in. Long term care insurance helps protect against these scenarios, which are often inevitable for people in all walks of life. It also assists in preserving your “nest egg” for your spouse and/or future generations.
I encourage you to speak with your trusted financial advisor or insurance professional on whether long term care insurance is right for you and how it fits into your plan. It will ensure that you and your family’s wealth and well-being is protected against the unforeseen.