There is a saying that goes something along the lines of “the only thing worse than getting old is the alternative,” which is said to express pretty well the dismay, betrayal, confusion and sometimes horror that go along with the aging process. Americans are living longer than ever—which really means that there are more opportunities for our bodies to fall apart on us—and elderly Americans are finding that they don’t have the means to pay for all the support and care (often professional care) that their aging bodies require.
Long-term care for elderly Americans can be extremely expensive; instead of heaping that cost upon their children (who in many cases may not be willing or able to pay it) many Baby Boomers are opting to invest in long-term care insurance to cover all or a portion of their anticipated long-term care costs.
If you are considering purchasing long-term care insurance the AARP has a wonderful article to help you through the process. The article covers everything from an easy overview of what long-term care insurance is and what costs it will traditionally cover, to key issues to consider before purchasing a policy.
The thing about growing old is that we all know it’s going to happen; the least we can do is prepare ourselves and our families for what’s coming. That means preparing emotionally, organizationally, and financially. If long-term care insurance can help with one or more of those things it brings us one step closer to growing old gracefully, and just as important—growing old peacefully.
And for those who may not be able to qualify because of health issues, or cannot afford the cost of insurance, there may still be a safety net. A government subsidy under the Medi-Cal Long Term Care Program may be available to help with nursing home costs, depending upon your circumstances. While our firm does not sell long term care insurance, where appropriate we have helped numerous clients qualify for a nursing home subsidy under the Medi-Cal program, while simultaneously asssiting them preserve their life savings and protect their family home.