This is reality, not just a "pitch" for long-term care insurance sales. Notes Thau: "LTC insurance is increasingly valuable to be able to cover the cost of quality home care and quality facility care from providers that do not rely upon government subsidies."
In other words, if you want choice of care, you must be able to pay for it!
While full coverage for long-term care is expensive, there are newer policies that will at least contribute to the cost of your care, perhaps for only two or three years of coverage. There are discounts for spouses, or policies that cover both spouses, designed to lower the premiums. It's worth investigating.
There are so many details to this kind of insurance that I devoted an entire section of my latest book -- "The NEW Savage Number" -- to the subject. You can find it now in paperback at bookstores, the library or on my Website, TerrySavage.com.
This is not about selling books -- or insurance! It is about protecting my readers against the devastating costs of long-term care. The message is aimed not only at older boomers, but the younger ones who won't want to place Mom or Dad in a Medicaid-funded nursing home.
And this is especially a woman's issue -- because women live longer, likely alone, and need not only the money, but the "concierge" services to find and schedule caregivers, included with most of these long-term care insurance policies.
I've put my money where my mouth is -- purchasing policies for my parents and myself. I hope it's a huge waste of money -- and that no one I love needs that kind of care. But hope is no substitute for planning. And that's The Savage Truth.