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Today’s long term care insurance buyers have enjoyed a sustained multi-year period of low inflation. I say "enjoyed" because today’s buyers are normally pre-retirement, and therefore value low mortgage and interest rates more than their retired counterparts.
Have you ever wondered about what the policies look like for all the people who bought traditional, standalone long term care insurance (LTCI) in 2017— the latest year for which there are statistics available? That’s what I’m sharing with you this month, together with all the specifications on the policies.
The first buyers of automobiles had only one choice: a black Model T.
One of the cruelest realities of professional long term care is not only the high cost (not covered by Medicare or other health insurance), but the fact that - when we need care - we are in no place physically or mentally to rally and easily meet the expense. Moreover, it’s likely that our family isn’t, either.
In many cases, we (or our family) end up making next-to-impossible, painful decisions.
Here’s something that’s a bit crazy to think about— we’re a quarter of the way through 2019 already! Which makes it a great time to check in on those New Year’s resolutions we made way back when and see which we kept and which we might want to start working on again.
When considering the purchase of long term care insurance, it’s only natural to focus on the cost of the coverage. But let’s redirect our gaze to the cost that is truly important: the possible cost of not being insured.
Medicare has always been very clear about the fact that it does not cover the vast majority of long term care.
Benjamin Franklin famously penned, “…in this world nothing can be said to be certain, except death and taxes”. That was back in 1789. Relative to the topic of inevitability, I’d like to add one more item to death and taxes: change.
Have you ever sat down and compiled a bucket list? You know, your ultimate compilation of lifelong goals to accomplish?
In addition to the typical mountain climbing and continent-visiting, painting lessons and dancing at grandchildren's weddings, the items listed below are quite worthy of being included as well. They may not be found on the typical bucket list, but I’m betting all the other items rely upon these:
Don’t outlive my assets