Gray Matters, Green Matters: Preparing for the Long Game of Long-Term Care

The Inevitable: Disability and the Dollar Sign

Alright let's cut the crap. Half of you turning 65 are gonna need some serious help down the line. Dementia Parkinson's a rogue stroke – life throws curveballs. And those curveballs come with a hefty price tag. We're talking potentially over $100,000 maybe more. As I always say 'What's the point of having fuck you money if you never say fuck you?' Well try saying that to a six figure long term care bill. Suddenly fuck you money becomes 'Oh please sir can I have some more?' money. Not ideal.

Where's the Fucking Money Going to Come From?

Exactly! That's what I want to know. Retirement savings? Please. Most folks are tapped out before they even hit the back nine. Long term care insurance? A joke! Most don't have it and the policies that exist are often more complicated than a derivatives trade. As Bridget Bearden rightly points out 'Where is the money going to come from?' Good question. Maybe start selling off those Beanie Babies? That yacht you thought you'd sail into the sunset on? Get real! This is where you need to channel your inner Axe – strategize anticipate and find the edge.

The $100,000 Tab: A Reality Check

Let's get granular. Home health aide? $6,300 a month. Nursing home? Almost ten grand. And that's just the *average*. You think you're above average? Maybe you are maybe you aren't. But your bank account sure as hell will feel the difference. Most people are blissfully unaware which is astounding. It's like walking into a poker game with your eyes closed. You're gonna get fleeced and you won't even see it coming. Remember information is oxygen. Get informed or get rekt.

Insurance: A Safety Net With Holes

Health insurance? Forget about it. Medicare? Covers squat. Medicaid? Only if you're practically broke. So you're on your own folks. Unless you’re willing to liquidate assets faster than a hedge fund in a market crash you better start thinking about alternatives. Long term care insurance exists but tread carefully. Some policies are traps designed to bleed you dry with red tape and restrictions. Do your due diligence or you'll be singing the blues… and paying for it.

Washington State: A Glimmer of Hope?

Washington state is trying something new with public long term care insurance. Other states are sniffing around too. Is it the answer? Who knows. Government solutions are often as reliable as a handshake from a politician. Still it's worth keeping an eye on. Maybe just maybe someone's figured out a way to ease the burden. But don't hold your breath. Remember hope is a strategy... a bad one.

Be Proactive Not Reactive: The Axe Approach

The key as always is planning. Don't wait until you're staring down the barrel of a nursing home bill to figure things out. Talk to your family. Look at your finances. Consider your options. Do you want to age in place? Can you afford it? Are there family members who can help? And for God's sake get your healthcare directives in order. 'When you think through it in advance it keeps the decisions way more level headed.' Wise words. So channel your inner Bobby Axelrod. Be ruthless be strategic and prepare for anything. Because in this game there are no participation trophies.