It’s amazing how receptive individuals, families and business owners are becoming to the topic of long-term care (LTC). The current economic conditions serve to point out the high level of risk retirees, pre-retirees — and their adult children — take when they do not plan in advance and adopt an LTC strategy.
We’ve heard about families who’ve had their portfolios diminished by 30% in 2008. In January 2009, one man began receiving nursing care due to a stroke he suffered shortly after Christmas.
His wife has been liquidating their accounts to the tune of just under $4,000 per month for a home-care aid to help her provide for her husband. Not only is she stressed by the need to provide 24/7 care at home with just 8 hours a day of help; she is watching her assets deplete at a time when they should be invested to participate in whatever recovery she might enjoy. Two years ago, there was no concern. Everyone thought they had plenty of money to self insure.
If folks ever thought they should “self-insure” with no specific plan as to how, this just might make a convert out of them. November is long-term care planning awareness month; talk to your financial advisor!
Cornerstone Financial Strategies