Dementia left Terry Berry bankrupt.....The former elder care nurse, diagnosed at age 56 with frontotemporal dementia, lost her job, which ultimately led to her financial demise.
Morningstar presents a discussion on how and why pre-retirees should investigate long-term care insurance and HSAs. Explaining how these are ways to hedge against health-care cost inflation and longevity risk in retirement, says Fidelity's John Sweeney.
Suze shares her personal experience of expensive around the clock care she funds for her mother. Suze suggests implementing a Long-Term Care Plan in your late 50s, but only if you're sure you'll be able to afford it 20 years down the road.
Like most Americans, those who develop Alzheimer's disease have usually done very little to plan for their Long-Term Care. More than five million Americans now suffer from the disease and related dementias. Barring a breakthrough, the figure could triple by 2050.
Months after his 65th birthday, Joe Mollicone suffered a stroke that left him partially paralyzed and unable to speak. Joe's insurance starting paying and was enough to cover his home-care needs. Joe eventually reached his policy payout limit but continued to receive benefits because of his policy's shared-care rider allowing him to tap into his wife Theresa's benefits. Because of the couple's wise planning, Joe received the care he needed and most of their retirement savings were preserved.
As adult Americans we often wonder what the future hold for us. Yet with so many conflicting priorities to address today, it's easy to put off thinking about planning for our own future needs. The purpose of this video is to help raise awareness of this important issue and serves as a catalyst to start planning for your families future long-term care needs today.