Joe and Alice decided not to cover the Long Term Care Insurance need - they had a healthy retirement income from both social security and a pension, and they had saved several hundred thousand dollars for retirement. In his mid 70‘s Joe developed Alzheimers. Alice took care of him as long as she could. After a time, it began to take a toll on her own health, so they had a home health aid come in to assist. Eventually Joe needed full level care, and he spent his final 7 years in the memory care unit of the nursing home. That 7 year stay basically ate their retirement savings, and left Alice with an income less than half what she was used to.
Unfortunately this story has played out time and time again. Many people consider a Long Term Care Insurance policy to be a wise solution to prevent against this risk. But this type of insurance can be both costly and very confusing. In this episode Mary Sterk will eliminate the complexity. Listen as she explains in simple terms how typical policies work, and how to compare pros and cons of different types of coverage.