Health is Wealth
My parents and I are discussing about getting an LTC tree for my grand parents since we are all working now and we can afford to avail this lifetime care insurance. I told my mom and dad that it will be best if we avail this because my grand parents are not getting any younger and we have to be secure that there will be someone to take care of them when they need a long term care.
We know that we cannot provide that kind of care for them because we already have our own family and so we need to transfer them to a caring institution where they can be best taken care of. We all know that as we age, we may not be able to perform the activities of daily living like brushing our teeth, dressing up or taking a bath. We need someone do that for us and a nursing home can help a lot. Staying in a nursing home can really be expensive because an everyday stay would cost us approximately $218, 500 per person depending on the nursing home that is why we will need an insurance to help us with the expenses. I also told them that a Tax deductibility of long term care insurance can cost my grand parent’s a lot when they retire and I don’t want them to be left with nothing when that happen. My parents understood my point and they decided to avail one.