No Nursing Home for Me - Long Term Care Insurance Instead!
Wednesday, May 30th, 2007When my wife & I reach the point in our lives that we need assistance in getting through the day, we will receive that assistance in our home. Home is where our hearts are. Home is where our memories were created. We don’t want to leave it.
We are not wealthy people and I do know that professional home care ranges from about $18-$22 per hour in Metro-Denver. So how is it going to happen? The care won’t be provided by our children. They have their own lives to lead. (Just between you and me, our children would take care of us, but they really won’t want to…and we really won’t want them to.) Besides, we do want our kids to come by, when they can, to spend some enjoyable hours together…not to bathe us or do other unpleasant “grunt work.”
Where will the money come from to pay for all this care? It won’t be from Medicare or Medicaid (we will never qualify for Medicaid and Medicare’s home care services are so limited as to be not worth considering in our planning).
In 2001 we purchased a good comprehensive long term care insurance policy that will pay for home care, has a lifetime benefit period, and inflation protection to increase the benefits to keep up with increasing costs of care. If you prefer spending as much time in your home as possible, you, too, should ask for a long term care quote from an insurance agent offering long term care insurance. That way you can prepare for your twilight years when you still have the time.
Full disclosure:
I am an insurance broker specializing in long term care and long term care insurance. I bought the stuff myself or I wouldn’t have the strong belief that I do about its value to my clients.
Ray Smith, CLU, CLTC, CSA
The Long Term Care Specialist
303-300-4337
www.raysmithltc.com
raysmith@finsvcs.com