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Originally Posted by disneysteve
Nobody has mentioned the solution yet - Long term care insurance.
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A great solution, but unfortunately not THE solution. It's been very hard to find companies even willing to consider underwriting a policy for my diabetic DH (diagnosed at 25) and darn near impossible to find one willing to underwrite a policy for my mother, who is a cancer survivor.
To answer the OP's last question, no I do not intend to create trusts to shield my assets, unless I have a child who is disabled and dependent upon me for support. If the time comes and I have medical costs beyond what my insurance will pay, my assets will be liquidated to pay for my care. If my assets are insufficient, then I will need to rely on government help.
Yes, a person's home should have to be liquidated to pay for their care. It sucks, and no one said it didn't, but that's the fair and honest thing to do.
And no, I don't think it's acceptable to fritter away your money when you are young and healthy and expect someone else to pay for your care. I don't think the expectation should be that we save every available dime, but I think a good-faith effort at a reasonable savings should be expected of everyone.