The Long Term Care (LTC) Blog
Why You Shouldn’t Count On Your Family To Take Care Of You When You’re Old
The Washington Post recently published an article claiming that the great majority of Americans think (incorrectly) that their family will provide their care when they are old. First of all, 60 percent of adults between 40 and 65 don’t think they will ever need any long term care (LTC). The Health and Human Services office…
Read MoreGiving An Engagement Ring for Christmas? Be Aware Of This!
Christmas is a common time to get engaged. A ring doubles as both a wedding proposal and solves the what to give her for Christmas question. Then you can dream in front of the fire this winter, planning a spring wedding. Financial planners will offer many pieces of advice to new engaged couples, but typically…
Read MoreThanksgiving is Coming, How is Your Family Doing?
Thanksgiving comes around every year about this time. Families get together, hopefully getting along. Sometimes it is the one time a year everyone sees how the older members of the family are doing since last year. For some families, it will be a difficult time when they realize that grandma or grandpa are not as…
Read MoreBe Careful About Gifting
The concept of “gifting”, or spreading gifts throughout one’s lifetime, has been a recognized as an effective strategy for reducing estate taxes. But, did you know that there is more to think about “gifting” than how it might impact estate taxes—especially for those people for whom estate taxes are not a concern? So, what is…
Read MoreMore Bad News For The Sandwich Generation – Filial Responsibility Laws
The sandwich generation are the folks who are currently raising teens, paying for school, and taking care of their parents as well. This causes much missed work, missed work opportunities, missed events with children, and general exhaustion. How could you possibly accept a promotion requiring a move when you are taking care of an aged…
Read MoreHow To Save Money When Claiming on Your LTC Insurance
I get frequent calls from people asking how the claim process on a loved one’s LTC insurance works. The most common question is on what is called the elimination period, which I call the deductible. The most common “deductible” on LTC insurance policies is 90 days. Most policies require one to actually pay and show…
Read MoreProtect Mom’s Money
Here is a not untypical situation where Mom needs care and even though Medicaid will soon be needed, some funds can be moved to family. In our example, Mom is 83 years old and suffering from dementia. She has 2 daughters, one of which is married, the other divorced. The daughters have finally convinced Mom…
Read MoreLong Term Care Insurance is Less Expensive Than Most Realize
I cannot tell you how many times people have told me this LTC insurance is too expensive. This is typically followed an hour later by “Wow, I can’t believe that’s all it costs”. Perhaps agents are explaining things incorrectly. Let’s take a 50 year old couple who wisely choose to investigate this coverage while they are…
Read MoreDo You Know Someone Who May Soon Need Help Managing On Their Own?
We all dread the time when we may need some assistance due to not being able to manage on our own anymore. It happens to others, but surely, not us. We are never prepared when a loved one needs help, and then we find out how expensive such care is. There seems to be no…
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