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Sunday, November 27, 2011

Long-Term Care Insurance

As one who concentrates on investments and portfolio management, I am very much aware that the process is carried out within the context of an overall plan. Plainly put, the investment program can be the exact fit for a client in terms of overall assets, risk tolerance, retirement goals, etc. but something else can be totally out of kilter - sort of like a well-fitted suit with a long loose thread hanging from the jacket sleeve. Such a thread for the DIY investor can be that taboo of subjects - Long-Term Care.

The issue here is very simple. It has to do with "...The best laid plans of ...." Again, everything can be in place; but then a need for long-term medical assistance can throw everything out of whack. The problem is that long-term care is expensive, as will be detailed in the following video. Think about it like this: suppose you move into the house of your dreams but you don't have homeowners insurance. Then, the house burns down. That could be the situation if you work hard to build the nest egg to the appropriate size and then need long-term care.

Long-term care is expensive. One thing some creative families have done is to have  children or other potential beneficiaries pitch in to pay the annual premium.  After all, in many cases, it is potentially an insurance on their likely inheritance.

I recommend watching the following excellent video by Christine Benz, Morningstar's Director of Personal Finance. Ms. Benz has a talent for explaining complex topics.

If you need specific info (and live in the Baltimore area) on choices available for you and their costs or even whether LTC is appropriate in your specific case, I would recommend meeting with Sharon Kreiger.  (223-275-1764). Ms. Kreiger's philosophy is to start with a meeting to basically educate a potential client on LTC.


  1. Long term care insurance is a must, as one becomes of a certain age. It's not pleasant to think about or to pay, but neither are those nursing home or other health-related expenses. People shouldn't do everything right except for this because this alone can ruin the rest of an otherwise great financial plan.

  2. This is a topic not much discussed, but can have serious impact in your golden years.

    The costs are high and will only go up. Better to have some plan than no plan at all. Having kids pitch in for the premiums is a fantastic idea.

  3. David said..........

    Okay Pops! How much I owe ya?

  4. If you are type 1 diabetic then you are aware of the hardships that people suffering from getting lifetime insurance since the company would often tend to stay away from people who are suffering from this disease because they know that diabetics has a shorter life span. Insurance companies automatically decline type 1 diabetes patients without any consideration about the case the individual falls in. Type 1 diabetes is considered as a never-ending disease which is associated with the age of people and it usually leads to early death on the part of the patient.

  5. Long term care insurance is needed by all Americans and it also has great tax benefits.
    Long Term Care Insurance

  6. I couldn't agree more. It's really important. However, purchasing the best long term care insurance plan can be a long process and it takes a lot of researching. You need to ask a lot of questions first. What type of policy should I buy? How do claims work? What's an elimination period?

  7. You should also make sure that a long term care insurance policy will meet your budget. Through reviews, you can analyze if your present income can sustain a policy. As a prospective policyholder, you need to secure payment of premiums to continue receiving long term care benefits. Tips from Free LTC Quotes visit for more.

  8. I am 58 years old, but when I was 34 years old I worked a company that one of of the pioneers of long term care insurance. I purchased an LTC policy when I was 34 years old. Over time, I have increased my coverage and currently, I pay about $790 a year for $500,000 for 2000 days of coverage with a $250 per day cap on nursing home care. I tried to talk my Dad into getting coverage for himself. At the time he was 60 years old and his premium would have been $1100 a year. A decade later, his health required nursing home care to the tune of $400,000. It wiped out his entire estate. Just something to think about.
    - Tom from

  9. Man's greatest achievement? Perhaps not, but can you afford not to read on when I am about to tell you about Long Term Care? Many an afternoon has been enjoyed by a family, bonding over the discussion of Long Term Care.

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