Money Smart Week and Long Term Care Insurance
By jana on Apr 21, 2008 in Long Term Care Insurance, Medicare, Medicaid and LTC
Chicagoland Public Libraries kicked off their their annual Money Smart Week today with a session lead by Terry Savage. The session was a general financial planning presentation sponsored by the Financial Planning Association of Illinois so she covered a lot of basics for the common man. She discussed the questions we should ask ourselves for retirement, she gave some great free websites to check out (www.truthin2008.org, www.livingto100.com, www.choosetosave.com), and she gave her political opinion on how the government spends money (neither party was given high marks). She even had a plug for Reverse Mortgages – she loves them and referred to them as a new type of pension.
The reason I’m posting on her today, though, is due to her stance on Long Term Care Insurance. She believes that Long Term Care Insurance is an essential part of good financial health and really hit it hard during her presentation. She threw up pictures of Christopher Reeves, Michael J. Fox, Annette Funicello and Ronald Reagan and talked about how each of these individuals could have benefited from Long Term Care Insurance. She told the audience that the cost of needing long term care is NOT covered by Medicare or Medicare Supplemental. It IS covered by Medicaid, but only in Medicaid Nursing Homes.
She said that even though it is expensive, she recommended that the audience look at purchasing policies in their 50s – while it is less expensive and while you are still healthy. You can check out her past column on Long Term Care Insurance to get more information from her.
Related Posts
Post-Plugin Library missing
The Financial Adviser is reporting only 4 percent of over-50s would consider contacting a financial adviser for help on funding their ...
Last week’s $1 billion purchase of Odyssey Healthcare (ODSY) by Gentiva Health Services (GTIV) is going to shake up several ...
Marie Hulbert, now 78, made her first monthly payment of $98.62 on her long-term care policy in November 1989. The ...
How to Handle Differences of Opinion in Long Term Care