by Richard E. Reyes, CFP
The debate over long term care insurance continues. The insurance industry would have you believe that there is nothing more valuable than long term care insurance; skeptics will tell you that it is a scam or that its too expensive. The reality may actually be somewhere in the middle of the spectrum.
Personally, I am biased and believe there is nothing more valuable than purchasing a long-tern care insurance policy. My reasons are that I have seen the financial and personal devastation of families who have gone without it. The truth is that long term care insurance does have value; but there is also truth to the expenses involved in buying the policy and the benefits not meeting their value.
Mind you that I understand that the options available to our aging senior population 15 to 20 years ago were different. However, these are different times and the options, flexibility, and product environment have changed to the point that NO ONE should go without considering the pros and cons of long-term care planning.
Here is a complete guide to Long-Term care which was put together by Kiplinger’s. It is probably one of the most informative and indepth analysis that I have seen.
Part 1- Who Cares?
Part 2 – What Does It Cost?
Part 3 – Paying for LTC and the Role of Insurance
Part 4 – How to Build an Affordable Policy
Part 5 – Zeroing in on LTC Insurance
Part 6 – Conclusion
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Wealth and Business Planning Group, LLC (The Financial Quarterback™) is a Registered Investment Advisor in the State of Florida that provides Fee Planning and Asset Management. Depending on your state of residence, Wealth and Business Planning Group, LLC (The Financial Quarterback™) may not be able to immediately provide services. For more information go to www.thefinancialqb.com. Richard E. Reyes, CFP is an Investment Advisor and President of Wealth & Business Planning Group, LLC (The Financial Quarterback™).