Affluent People Should Self-insure for LTC, Right?
Many affluent people believe that they're better off using their own money to self-insure for long term care (LTC) needs. I consider this to be one more excuse, a "smokescreen"
, used to avoid unpleasant thoughts and conversation about how our last years might be spent.
Acknowledging the truth about your declining health is often very difficult, no matter how much money you have.
My observations are that choosing to fund LTC needs from personal savings often winds up working against people. S
ibling disagreements about money and your wishes may arise. People must quickly decide which assets to invade to fund care, at a stressful time of life, when their decision-making capacities are often impaired. And even for the highly affluent, financial planners describe unplanned LTC costs as a dangerous "spending shock" that should and can be avoided with correct LTC planning.
For affluent people, there shouldn't be price objections. Relative to people in lower
-income brackets, long-term care (LTC) premiums are paltry compared to the high odds and expenses of LTC.
Once you have your LTC plan in place, be sure to let your family and friends know about it. Your LTC plan will provide abundant money, and a blueprint for your loved ones to follow, at a time in life that's often frightening.
Both affluent and non-affluent families suffer from denial of long term care (LTC) need. I understand how unpleasant it is to discuss a future LTC need. Being affluent is not a "free pass" to avoid this conversation.
I encourage you to avoid denial of your need for long term care! Use your LTCi as you originally intended: to prevent you from being a burden on those you love, and to live out your life with comfort and grace!
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