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URL:  http://boards.fool.com/hello-2gifts-why-do-you-need-ltc-you-said-you-23410032.aspx

Subject:  Re: Single Income Retirement Planning Date:  12/10/2005  3:52 PM
Author:  feydom Number:  11179 of 11198

Hello, 2gifts!

Why do you need LTC? You said you were single, so you don't have a spouse to worry about in terms of asset protection.

No children, spouse, significant other, not a future heir of anything or anyone, etc. LTC is of interest to me because if/when I need to be in a care facility I want to be able to afford it.

...I want to ensure that my spouse has enough to live on and vice versa should one of us need long term care,..

If in my later years of retirement my $1,800 (as an example) a month pension won't cover the $650 a month medical prescriptions and supplies and the $2,600 a month assisted living care fee, I will be forced to make decisions I won't want to make about the quality of my living and care conditions. This is what I was referring to about not being a burden (financial) to my Loved ones. With the astronomical and unchecked continuous rise in health care costs, and especially quality assisted living care costs, I'm concerned that my retirement portfolio may not meet the ever rising cost demands of health care for me when I need it. Also, because I live in a volatile, overpriced, and speculator-driven housing market, I won't be depending on my home fetching top dollar just because I need it to pay for residential and health/medical care expenses.

I don't think this would be a major concern for me if I had not been involved with senior service agency programs where the elderly clients were challenged with this very issue. I can't pretend that my company pension's so called lifetime medical benefit will take care of all of my health care expenses. It won't. Every year we pay more and more for less and less benefits! It pays to read the quarterly newsletters they send to us instead of just throwing it in the junk mail pile to be trashed.

Currently, my company pays burial insurance. I pay disability/disabled insurance for about $6 a month. I am considering insurance for my apartment.

BTW, I found some LTC articles on the Fool, and when I have more time, I'll read them.

Mary
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