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Long Term Care for LGBT Couples

Yuk. No one wants to think about nursing homes, or assisted living, or anything in old age that has the yuk factor. I know that I don’t want to think about it…. But I do..

63% of people over the age of 65 will be in a nursing home, assisted living facility or need in home health care (www.caregiver.org). That’s nearly 2/3 of the population! You insure your car and your home, why not insure yourself. Great news – most LTC plans include partners for spousal discounts if they apply together, even if they aren’t married. This can be a great cost savings for same sex couples.

Not only does LTC help take care of you when you can’t do so anymore, it takes care of your surviving partner. How? The typical assisted living facility runs about $5000/month. That’s $60,000 a year. Four years is $240,000. If that’s spent on your LTC costs, will your surviving spouse have enough left for them self to live on? Protect your nest egg and your life savings. Get the insurance. You didn’t work hard your entire life to leave it to the nursing home.

Sharon L. Herman AAMS, ADPA is the CEO of Silver Key Wealth Management, and affiliated with LPL Financial. www.silverkeywealth.com
The opinions expressed in this material do not necessarily reflect the views of LPL Financial.
Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Independent Financial Partners, a registered investment advisor and separate entity from LPL financial.
Ms. Herman may only discuss and/or conduct transact securities business with residents of FL, MI, GA, VA, NJ, TX. www.finra.org. www.sipc.org

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