How To Survive Old Age (Your Own or Someone You Love)

Money for Nothin’

Posted by on Feb 26, 2013 in Uncategorized | 0 comments

Not to be Debbie Downer, but today as I was hurtling down an icy incline, wait-I did that a few times-once on my snowboard and twice on my driveway, I realized how mushy my body is compared to, well, say-a nine year old’s ski pole or a lumber truck. 

I had just discovered (a tad too late, I was on the quad lift) that I had two close-up lenses in my eyeballs instead of one distance and one close-up as I am used to.  My mind does a great job of unscrambling all the weird information from each eye and delivering a picture to my brain that usually makes good sense.  But, as I say, today I was looking out across the mountain at blurry skiers and unreadable guide signs through lenses meant for text a foot or two away.  Oops.

Committed to the run down the mountain, I proceeded a bit more gingerly than usual and made it to the bottom without incident.  On the way home I mentally reviewed my Long Term Care Policy, remembering a friend’s long convalescence after a fall down a slope in Vermont.  Yep, I remembered paying the premium and was assured that I was all set. 

Feeling free to take chances is a big reason I got that policy in the first place.  I like to think of aging as an extreme sport, and I want to excel at it.  Knowing I have that all sorted out makes me feel grown up in a good way.  Now a word from Debbie Downer.

If you have not made provisions for extra help should you need it, let me remind you that one in two women will need care in their lifetime and that two years is the average time care will be needed.   If you do not qualify for LTC insurance, and admittedly, the qualifications are stringent, you can look into a LTC annuity of some kind.  I am not an expert at this, but your independent insurance agent is.  Ask about it, for this one sounds like a really good deal to me. 

Say you were going to leave $100,000 from your estate to your heirs and donate the rest to the animal shelter-(not my plan, just an example)  If you bought an annuity for that $100,000 instead of leaving it in stocks, bonds or whatever-you could use about $400,000 for your own care and the balance would go to your heirs.  See!  Money for nothin’!  It is more complicated than that, costs and benefits vary, but that is the idea.  Why would an insurance company do that?  To get the use of your money.  They are betting they will make more on it, and their bet is their risk-not yours.  Read the fine print, but check that out.  Could be a great way to plan ahead.

Meanwhile I am going to trust my current LTC policy and keep taking chances!

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