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Ask Dave

Long-Term Care Necessary?

The listener's mother needs to get long-term care on her health coverage, whether she has $1 million or not.

QUESTION: A listener is helping his mom with her finances.  She has no debt and over $1 million in assets.  Her deceased husband’s trust is worth another $500,000.  Does she need long-term care health coverage?

ANSWER: Yes!  She also needs an estate planner immediately.  Long-term care is absolutely mandatory for people 60 and over. Your mom could live another ten years and need medical care that adds up to $50,000 a year.  You have to get long-term care whether you’ve got $1 million or not.  Long-term care is a good asset management plan.