Can we talk about long-term care?
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:
- Confusion – it is difficult to understand the costs and what is covered by Medicare, Medicaid and private insurance.
- Denial – Many think they will never need it, however 70% of people of 65 will need some form of care.
- Mistrust – will the company be around when they need the care?
- 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:
- 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.
- They want quality care in the setting of their choice.
- 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.