Long Term Care: Another Challenge From the Home and Stock Price Declines
Friday January 9, 2009
With home and stock portfolio values in rapid descent, millions of retirees are worth much less than just a few months ago (like the rest of America). While the implications of this significant loss of wealth are widespread and meaningful, one area discussed in detail recently by The Wall Street Journal is Funding Senior Living In An Economic Downturn.
If there's a silver lining in all this, it's that our collective financial suffering appears matched by the plight of some assisted living and nursing facilities. As a result, there are some negotiation opportunities highlighted by the article for those contemplating entry into such a home. In addition, reverse mortgages, family gifts, and intra-family loans are all potential considerations should long-term care be required. Long-term care is an area of significant financial complexity and should be approached prudently.
If there's a silver lining in all this, it's that our collective financial suffering appears matched by the plight of some assisted living and nursing facilities. As a result, there are some negotiation opportunities highlighted by the article for those contemplating entry into such a home. In addition, reverse mortgages, family gifts, and intra-family loans are all potential considerations should long-term care be required. Long-term care is an area of significant financial complexity and should be approached prudently.
It’s true, these are uncomfotable times.We all are trying to conserve our dollars and protect our assets and retirement plans. We worry that we may not have what we planned to have.
But here is a question that we do not want to consider, but must: What would the consequences be to my family and my finances if one of us need care for an extended period of time? This is not about the risk of needing care; it is about the consequences.
You need to have a plan. Most often Long Term Care Insurance is the least expensive way to finance that plan. Consult with a Long-Term Care Specialist who knows the products of many carriers and will design a plan that is unique to you and your situation.
Dane Petchul, LTCP, CLTC
http://www.LongTermCareInsurancePros.com