It’s no secret Women live longer than men.  On average it’s a 5 year difference.  The implication though that we don’t talk about is the increase in likelihood for long term care

I’m sure we all wish that short of immortality, if we had to go, it’d be unexpected in the middle of the night.  That’s usually not the case resulting in massive expenses and even forfeiture of property. This is where proper planning can help alleviate the emotional and financial stain that a long term care event can have on a family. Financially, the cost of care is only increasing and the cost of in-home care is staggering. The hourly rate for an in home provider is $30-$35 an hour in Southern California.  Full time care in-home can cost $20k per month! A significant long term care even can drain an estate rapidly. The stories are endless of a spouse needing care and using most of the assets only to pass away and leave the surviving spouse with very little in terms of financial security. 

Now states are trying to lessen the financial burden on the government by requiring long term care insurance or buy it through the state.  Well a stand alone long term care plan could end up never being used or not used to the fullest and then it’s money into the insurers pockets, same goes for the state but then you’ve got a plan that’s twice the price with half as much staffing at best. Hybrid life and long term care plans that are available in the marketplace.  Imagine paying premiums today, really moving money from one place to another to give you a large bucket of tax free money for care later.  If you happen to not need care and die peacefully in your sleep when you are say 100 years old, most of that premium paid will be returned to your beneficiaries in the form of life insurance.  This is a safe and guaranteed way to plan.