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What the Wealthy Need to Know about Long Term Care Costs

Wealthy need to worry about health costs, too

Nearly half of wealthy individuals polled by U.S. Trust say they haven’t done much planning for the potential need for long-term care, but 70 percent saying they feel financially prepared for those costs. The survey questioned 640 individuals with more than $3 million in investible assets. Read Full CNBC article here: http://www.cnbc.com/id/102710059

 

Main Concerns: 

  1. Wealthy families should consider elder care planning assistance with issues like home care services and nursing home selection.
  2. Don’t look at long-term care or health issues as just a financial decision and risk management. Consider your family and the emotional dynamics with your spousal and children. 
  3. Insurance: Many wealthy families retain the risk of Long Term Care costs and do not purchase insurance. However, new financial vehicles such as hybrid Life/LTC policies may be worth a second look.

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Arthur Grutt