Paying for Old Age Ain't Cheap: Even I, Bill Gates, Worry About Long-Term Care Costs!

Holy Healthcare Costs Batman!

Alright folks Bill Gates here. You might think a guy who helped build Microsoft and spends his days fighting diseases wouldn't worry about expenses. But even I choked on my Diet Coke (yes still drink it!) when I saw these long term care costs. We're talking over $100,000! As my good friend Warren Buffett likes to say 'Only when the tide goes out do you discover who's been swimming naked.' And let me tell you a lot of Americans are about to be caught without their swim trunks when it comes to long term care.

Disability: It's Not Just a Computer Glitch

According to the U.S. Department of Health and Human Services and the Urban Institute over half of us turning 65 today will need long term care. That's scarier than a blue screen of death! We're talking about dementia Alzheimer's Parkinson's – the kind of stuff that makes you forget your password and then your own name. The average cost? A cool $122,400. But for some it's 'Houston we have a problem' territory running into hundreds of thousands. That’s more than a fully loaded Surface Studio!

Savings? What Savings?

So where's the money going to come from? According to the Employee Benefit Research Institute most folks don't have that kind of cash stashed away. It's like trying to run Windows 95 on a modern gaming PC – it just ain't gonna happen! Many don't have long term care insurance either. It's a recipe for disaster folks. As I always say 'Success is a lousy teacher. It seduces smart people into thinking they can't lose.' Well you can lose this one big time if you don't plan.

Insurance Shenanigans: A Bill Gates Rant

Health insurance? Nope. Medicare? Mostly nope. They might cover skilled care for a bit but custodial care – the stuff that really matters like bathing and dressing – is often on you. Medicaid is there for some but you basically have to be broke to qualify. And now politicians are talking about cutting Medicaid? Seriously? Sometimes I think we need a Ctrl+Alt+Delete on the entire system. And if I may add insurance policies are like Windows updates. Some are good some crash your system! Read the fine print.

Long Term Care Insurance: The Lesser Evil?

Long term care insurance isn't exactly cheap. But it's better than ending up selling your Beanie Baby collection to pay for a nursing home. Washington state has a public program and others are thinking about it. It's worth considering a hybrid policy that combines life insurance with long term care benefits. And for the love of all that is holy read the fine print and beware policies that demand you hunt down a preferred provider and submit receipts for reimbursement. Ain't nobody got time for that! If you have indemnity policies insurers write benefit checks as soon as the insured qualifies for assistance and they can spend the money how they see fit.

Plan Like You're Coding a New Operating System

The best advice? Plan ahead! Talk to your family. Figure out who can help what you want and how you'll pay for it. Do you want to age in place? Great! But is your house ready for a walker? As Carolyn McClanahan says the biggest mistake is not thinking about this stuff until you need it. It's like trying to debug code after launching the program – a massive headache! Being proactive saves money and keeps decisions level headed. Just like when choosing between Linux and Windows alright just kidding!