My dad has been gone for about 9 years but my mom is still here at age 93. It is important for me to speak with my mom every day, but it’s not always possible. You see, she’s in an assisted living facility in the “memory care” section.
My mom has dementia and she is often confused and lives in a former time in her life. To make matters worse, she is also blind. So, she needs people to help her in basically every element of daily living. She is in a great place that comes with a pretty steep price. And that makes all of us feel pretty comfortable because we know that she is safe.
Her story is not that uncommon. Many people are dealing with situations like this. But most do not have the funds to stay in a place like this. Many would be in a Medicaid facility or a nursing home. Please read on as this just might help you.
The cost for this place is about $7,500 per month. She has my dad’s social security along with an annuity that pays a very important role in her financial life. But, she is still shy about $4,000 per month and soon the pot will run dry. She did not have long term care insurance, nor a hybrid. This is the point of this writing.
There are hybrid annuity and life policies with chronic illness benefit, death benefits, cash values and money back guarantees. But, what they don’t have (in some cases) is a requirement for a medical exam, blood tests, etc. These simplified issue policies are perfect for so many Americans. And, if the chronic illness benefits are not needed, the policy provides a tax free death benefit to the named beneficiaries.
Bottom line, this is also a way to create a little bit of loss recovery for you and/or your family. Talk to an advisor in your area to explore options that could benefit you and your loved ones. For more information, request an appointment with a Safe Money Places Agent Member in your area.
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