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It’s Christmas, I’ve Got A Great Gift Suggestion

It’s Christmas, and mom and dad (well dad, anyway) are probably hard to shop for.  You love them, you want them to be happy, and you may not have the time, room, or energy to have them move in with you someday.  So why not buy them some Long Term Care insurance?

Expensive, you say?  Not really.  What happens to all their wealth when they pass away?  I’m guessing you and your siblings are pretty high up on the list of who will receive those things.  A home, IRA, Roth, savings, annuities, CD’s, etc.  are all probably coming your way.  Unless – they must first be spent paying for care in the last year or several years of life.  Then you might easily wind up with nothing, not even a lump of coal.

Thus you have three really good reasons to purchase LTC insurance for mom and dad.  First, they won’t need to move in with you.  You won’t scale back to part-time work, or quit altogether.  You won’t have to turn down that promotion to the west coast office because you need to be nearby to care for them.  You will get to see your children growing up and attend their events.

Second, that inheritance I spoke of before, you have a much better chance of receiving it if they do not have to spend it first.  Ok, this is a bit selfish, but it is going to go somewhere, either spent before death, or to heirs after.  You are insuring it , so that you CAN inherit it.

Third, you love them.  You want the best care for them that money can buy.  That money can come from their pocket, or an insurance company’s pocket.  Why not insure that they can go where they want and get the care they deserve.

The net result is that by purchasing LTC insurance for parents, you will feel good, they will be happy and well taken care of, and someday you can receive in inheritance so the cost in dollars may be actually zero, or less.

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The Long Term Care Guy