I always ask my clients, "Will your financial planner be willing to pay for your long-term care, and will they have access to good home health care providers?" Many lawyers and advisors are now afraid to tell people not to get long-term care insurance out of fear that their children will sue them if their parents' long-term care costs them hundreds of thousands of dollars. Most of the time, planners who don't suggest coverage don't know how likely it is that they will need care one day.
Seniors are now the BIGGEST financial risk that Americans face right now. Most of them don't know about it because, let's be honest, nobody wants to think about needing long-term care. Someone else is going to get it!
Long-term care costs are the main reason why so many seniors today can't pay their bills. Still, there are a lot of Financial Planners and Investment Advisors who will tell you that you don't need Long Term Care Insurance. If you have a lot of money already, maybe you don't. The question is: Would getting this coverage be a good idea?
Today, many Financial Planners have different opinions about LTC Insurance. Some people will say that if you have money, you shouldn't be without insurance because it's an important part of planning your finances, while others will say that if you have enough money, you should self-insure. Who is correct?
Every financial advisor I talk to would suggest long-term care insurance if he knew his client would need long-term care for several years.
Figure it out. Long-term care bills in one state average $170 per day, and the average premium for a 60-year-old couple is $4000 per year. If they live another 20 years, they will have paid $80,000 in premiums to make sure they won't go bankrupt. If they don't get the insurance, they could end up paying more than $80,000 for one of them in less than two years, even though a financial planner told them they didn't need it.
Financial advisors who tell you not to get LTC insurance must think you won't need care, since they would tell you to get coverage if they thought you'd have to spend several hundred thousand dollars on care. You should ask the advisor what their prediction is based on. Also, keep in mind that Advisors are people who sell things. They make money by helping you make money. If you buy Long-Term Care Insurance, they will have less of your money to take care of.
The choice is up to you. At this point in your life, do you want to make a few thousand dollars more a year or do you want to protect what you already have from the most DEVASTATING financial risk that people in America face right now? One of the worst things a person can do with their money today is to need long-term care but not have insurance for it. Do you want to take a chance on making this mistake? Find an LTC insurance specialist to help you and your family make the best decision possible.
Don't forget that your Financial Planner or Advisor won't pay for your long-term care. You will!
