What happens when you need to relocate your parent to ensure their quality of life, quality of healthcare, but your condo can’t house the both of you and your job requires frequent travel? This is the situation of my new client. Dad lived in another state, but ended up being a “frequent flyer” to the hospital without positive outcomes. She moved dad to California, but now has a housing issue. Unfortunately dad does not have any long-term care insurance. If he did, she would have potential options with his low income for caring for him in a board & care home.
The next time you hear someone say that long-term care insurance is too expensive, please ask them how will they pay for their own care (or for their loved one’s care) when self-funding is all they have. That “nest egg” you were planning on having for emergencies or something fun, will now be used for housing and care and can be rapidly depleted..