Steve and Judy’s Long-Term Care Story

Steve and Judy live in the southeast and they are 70ish. Their only son, Arthur, lives on the west coast. The family remains close despite the geography. One of Judy’s best friends, Alice, has entered a ‘Senior Living’ facility (aka, nursing home). The family is shocked at the cost as Alice’s family struggles with affordability.
Arthur becomes concerned that this could happen to his parents. He might have to become a care giver and give up his thriving real estate practice. Or worse, go on Medicaid, which is the government plan for people with very limited means.
He talks with his parents about long term care insurance. Steve and Judy are grateful that Arthur has the resources to pay the premium, and agree to apply for a policy.
However, the likelihood of acceptance at their age is 50%. At their age, everybody has some medical condition or taking some prescriptions.
Their insurance broker suggests that applications be submitted to two insurers and hope that one of them will approve coverage.
Several months go by as medical records are assembled from Steve and Judy’s doctors.
The good news is that one of the insurers accepts the application!
Steve and Judy are relieved that they will not have to rely on friends and neighbors or that Arthur’s life will be disrupted when they need help with the basic needs of daily activity. Arthur, well, he now can become a care manager and know that his parents will be well taken care of.
Everybody wins.

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