Combat Finance by Kurt Neddenriep

Author:Kurt Neddenriep
Language: eng
Format: epub
Publisher: Wiley
Published: 2013-12-17T16:00:00+00:00

KEY TASK 5: Evaluate long-term-care insurance for all adults aged 50 or older in the family.

In your final key task you need to look at what you would do if you had to defend against a long-term-care situation for someone in your family. This is generally something that you will want to start seriously evaluating for adults who are 50 or older, but even if you are not yet that experienced, keep reading so you’ll know what to do when you are. Long-term-care insurance generally covers someone who has any number of diseases or illnesses that require skilled or nursing care from professionals for months or years—anything from Alzheimer’s to MLS to cancers to a broken hip after a fall. When people need help bathing, dressing, using the toilet, transferring from a bed to a chair, taking care of incontinence or eating, they are in need of long-term care for activities of daily living. It’s something that happens as we age. In the state of Nevada, for instance, these costs average about $5,000 per month. Someone can have a very considerable and comfortable retirement savings, but if one person in your family needs this type of care and someone isn’t capable of giving it to them in the home, then it can drain all your retirement resources away.

Unfortunately, Medicaid doesn’t kick in until most of your assets are wiped out. You would have to be down to just owning a primary residence, your personal belongings, and one car before Medicaid will help. In that case, there are no other assets to assist a spouse or provide income for him or her. Long-term-care insurance would assist them in covering the expenses related to one spouse requiring the services of a nursing home, while their retirement investments would continue to give the healthy spouse income to live on. Everyone should have a plan for this: either price out a long-term insurance policy or determine if you have a pension or other income that could cover those expenses. That way a healthy spouse doesn’t face the prospect of a long healthy life in front of them with no assets or income as a result of their spouse’s nursing-home expenses.

Combat Finance Professional Development (CFPD)

Combat Finance readers, welcome back to combat finance professional development training. We are going to broaden our experience this time by bringing in a naval officer to share his insights and experience. I have known Carl Fuetsch for just over 20 years now, ever since his son Curtis became one of my best friends in college and later the best man at my wedding. I have really enjoyed getting to know Carl over the last two decades and greatly admire him for many reasons, including his service, not just to our country but also to his community. He is very involved in charitable organizations throughout the Reno area, most notably the Reno Rotary Club where he currently serves as the club president. You are going to see from Carl that the road to success is not always linear because life throws in a few curve balls.

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