First, I have to tell you that this probably means we're all going to die. Someday. One by one, we're all going to the big Beatles Reunion in the sky. But before we go there, most of us, a full 60%, could potentially become a nightmare to our families, especially our kids, if we don't plan ahead. Perhaps your parents' situation is already a nightmare and you know what I'm talking about. The rest of you, just wait and see.
The long term care system in the entire country is about as stable as the stock market. No, the stock market at least has good days. There is not enough insurance money flowing in to breathe the financial oxygen the system needs. 70% of all nursing home residents are on welfare (!) and fast-food level wages to caregiver staff has created critical shortages in basic help for both facilities and home health care agencies. Some providers have turnovers of 100% per year. The situation is predicted to spiral downward as we, outnumbering our parents' generation 2-l/2 to 1, start hitting the system.
What's the answer? I think it's insurance dollars replacing, overtime, a welfare based system.
Recently, I sold a policy to an elder law attorney and his wife, both 55. I asked him, after his 30 years that he has been in the senior business, what he thought the answer was to good quality care. Without hesitation, he answered, "Money Talks."
He bought a policy that would pay $7000 per month in benefits per spouse, including care in their home. Where would you get $7000 per month for an unlimited time? And do you see that, without insurance, in time, you will be competing with people such as my attorney for limited spaces and shortages in home nursing help. Have you got the money to do that?
In a recently released major survey conducted by GE Financial Learning Centers, the majority of respondents…overestimated the cost of LTC insurance, some by as much as 300%.
So if possible sticker shock is holding you back from contacting us for solid information, maybe you are one of those that has overestimated the cost. I believe that once you talk to me that I can show you many reasons why thinking ahead on this one is a good idea. It's not as expensive as you may think, and I guarantee you, the cost of no coverage is devastating. I'll get you your best value, I promise, if that even means sending you someplace else. Let me help you.
Buy your long term care insurance, then do something nice for yourself…like go get a facelift! You deserve it!
I look forward to talking to you,
Barb
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