Can we talk about long-term care?

Monday, March 10, 2014

by Keith Eig

Long-term care is a serious issue that will affect most people.  However, it is a very difficult conversation to have and here are some of the reasons:

  1. Confusion – it is difficult to understand the costs and what is covered by Medicare, Medicaid and private insurance.
  2. Denial – Many think they will never need it, however 70% of people of 65 will need some form of care.
  3. Mistrust – will the company be around when they need the care?
  4. Discomfort – it is simply too unpleasant to think about becoming ill and needing care.

Those who have considered and purchased long-term care insurance have done so for the following reasons:

  1. They do not want to be a burden on their families.  In fact, people are 5 times more concerned about being a burden than dying.
  2. They want quality care in the setting of their choice.
  3. They want to protect their loved ones quality of life and financial security. (49% of primary caregivers report an average lost income of 40%.

At GWE we help clients consider the risks, costs and possible solutions to this problem. Contact Keith Eig to discuss long-term care and if it's right for you.