Benefits of Long Term Care Insurance: A Client Story
He is an only child and loves both his parents but his mother is first among equals. He is 50’s and his parents early 70’s. He lives on the west coast and they live on the east coast.
He is worried about their health and who will take care of them when their health goes south. There will be home care for a while then probably assisted living. Finally, if the pattern holds, they will need full time nursing care.
He owns a successful business and is able to pay for their needs up to a certain point. But his concern is, what if the coast goes beyond that certain point? And how will he help them given the geographical challenge.
His solution is to provide them with long term care insurance coverage for which he pays the premium.
The contract assures that he will become the care manager and paid professionals will be the care giver. The insurance policy protects his assets (and any inheritance), provides professional care-giving services when they are needed and spares him the angst of not knowing if they are taking care of each other.