It’s an ugly conversation. The discussion of late-in-life health problems, assisted living, and even the faintest possibility of nursing care shuts so many of us down that one study reveals 93% of American households never talk about long-term care.
Consider that for a moment. Almost every family has at least one member in skilled or nursing care. Almost 70% of Americans will personally experience their own long-term care event with an average length of 2.3 years. The federal government’s single largest expenditure for Medicaid is long-term nursing care for the poor and elderly, and costs for mediocre care could approach six digits within a generation. Yet almost no one spends as much time planning for long-term care as it takes to read this short blog entry.
Unfortunately, most are destined for Medicaid as their only hope. Since few think of government control over their finances and medical decisions as a desirable solution, what other help for long-term care is there? Competition and experience in underwriting has made long-term care health insurance more affordable, yet new developments allow families to plan for the worse without devoting hundreds of dollars each month to premium. Savvy companies like TransAmerica offer affordable insurance policies with living benefits, accessible to clients with declining health so they can afford care or want to ensure they enjoy the time they have left with family. New developments in fixed-indexed annuities allow mature adults to build money for retirement with provisions specifically intended to fund better long-term care planning than they could previously afford.
If you haven’t made a long-term care plan yet, your current plan is to spend down your estate until Medicaid takes over. This leaves you with little control over your finances and decision-making. If you’d like a better plan, reach out to an experienced agent at Yeager Insurance and ask what approach might be more suitable for you.