Okay, so are there other alternatives? Yes! If you're a veteran or the spouse or surviving spouse of a veteran who served in an armed conflict, you could be in luck. That option is called Aid & Attendance, and it's an excellent, free long-term care benefit funded by the Veterans Administration. Lustig calls it the best-kept secret in long-term care.
If that option isn't available, there are a number of great long-term care insurance options. The good news is that LTC insurance is cheaper the younger you buy it. If you're under 60 and you're healthy, you may feel like running, not walking, to your local insurance agent after you read Lustig's book.
LTC insurance has its own "gotchas," but if you're serious about wanting to protect yourself and your family against future financial ruin, in the event that you get injured or are diagnosed with a serious medical condition, LTC insurance offers the best protection and peace of mind. The section devoted to LTC insurance provides an overview of four classes of LTC insurance, discusses how it will affect your taxes, and includes frequently asked questions.
Lustig then presents case studies of three hypothetical families to demonstrate how they might use all of this information to maximize their options. He also has a chapter on the warning signs of elder financial abuse and how to prevent it, and gives us tips for finding trustworthy professionals who can help, such as geriatric care managers, financial advisors, and elder law attorneys.
In the back of the book, Lustig includes pages of valuable resources for patients, seniors, and their caregivers and loved ones, as well as a glossary of perplexing terms found in insurance, medical, or legal documents.
For boomer women worried about caring for spouses, elderly parents, and eventually, themselves, this comprehensive resource offers guidance and information they won’t find anywhere else. Don't sit around worrying about outliving your assets in some run-down long-term care facility. Read this book so you'll be motivated to do some smart planning instead.