I have been asked a number of times “Why are you so passionate about Long/Short Term Care insurance?”
I remember a couple that had been married 40 years. The husband developed Parkinson’s and the wife did everything she could to take care of him at home. Finally, they had no choice but to put him in a nursing home. She told me that every time she came to visit, he would apologize and ask how they were doing financially. Finally, their assets were so low, they qualified for Medicaid.
After about 2 years he passed. She was left with very little assets and did everything she could to not involve here children. I remember visiting her home in the winter – she had the thermostat set very low so it would not freeze the water lines. She would sit “bundled” up in blankets in her rocking chair.
I don’t believe any of us want to leave a loved one, after many years of marriage, in that financial position. Basically, every dollar paid out in benefits from a qualified Long-Term Care policy is protected from Medicaid. If they would have had a simple 2-year plan that paid $100 per day she would have protected $73,000 in asset.
Doesn’t cost you anything see how a Long-Term Care plan can be of value to you and your family. Check out my website and let me know if you are interested!