Gambling on Long Term Care

Your doctor tells you: "you are facing a 50:50 chance of having a $216,000 expense but doesn't don't know when and your current insurances don't cover this. If you don't have the money the state will pay but they will take it out of your estate later.

Your financial planner says that you have a 50:50 chance of losing $216,000 out of your retirement plan but he doesn't know when, and it's not recoverable.

===

According to the U.S. Government Accounting Office (GAO) and the Centers for Medicare and Medicaid you have a 60% chance of needing long term care in your life. So consider it's not a matter of if, but when.

The average amount of care needed is 3 years at an average cost nationally of $72,000. 3x$72,000=$216,000

If you do not have long term care insurance you are self-insured and your situation could be considered to be similar to this:

You have just withdrawn $216,000 from your bank (or took out a second mortgage) and are standing in a casino at the roulette table, the croupier calls for bets to be made and you place your $216,000 on either Red or Black, it's a 50:50 bet. The croupier takes the ball and starts it spinning round the wheel, you wait... and you wait, sooner or later the ball will drop... will you win (and die without needing any care) or will you lose the $216,000 paying for long term care?

You have insured your other high risks from catastrophic damage to your finances, your health, your home, your car (it's not the car replacement you're insuring it's the $150,000 liability).

Long term care insurance is the ONLY insurance that protects you retirement income and nest egg from the greater than 50:50 chance of needing long term care. Learn more and get a long term care insurance premium quote at guidetolongtermcare.com

If you wait your health may not qualify you, you don't have to be deathly ill, just diagnosed with an uninsurable condition. Consider Michael J. Fox, who in 1991 at age 30 was diagnosed with Parkinson's disease and became uninsurable. That was 17 years ago. When he will need care he will pay out of his own money.

Insure now or wait for the ball to drop.