Long term care insurance is an obvious "must-have' for Americans with assets and families to protect and with discretionary income to afford the premiums. While Suze Orman publicly promotes this coverage as the foundation of your financial plan, we wonder if she ought to put even MORE emphasis on LTCi protection
People all-too-often assume that long term care is just for the elderly, and it's shocking to learn that over 40% of nursing home residents are currently under age 65. In fact, because of my advanced Multiple Sclerosis, I would be in a nursing home right now if I had LTCi coverage to pay for it, and if my beloved wife, Kimberly, would agree to let me out of her sight.
In any case, while Suze Orman is clearly America's most popular financial advisor, she is also America's most visible proponent of long term care insurance.
This is a good thing for all of us since, of every 20 folks who need long term care insurance, only 1 of us owns it - A sad state of affairs to be sure. And we had better learn more about it fast...
But now the question is this: Should Suze Orman be even more forceful in her insistence that long term care insurance be the bedrock upon which everybody's financial planning must be anchored?
And why all the fuss over long term care insurance, anyway?
Well, just ask Suze Orman: It's because she knows as well as I do why Americans have no other common sense choice than to embrace this family financial tool if they want a mature, secure retirement. I, myself, was stricken with Multiple Sclerosis at age 50 - WITHOUT long term care insurance. Now I can never get long term care insurance coverage because of this pre-existing condition. Rats!
Suze Orman is bringing America's baby boomers into awareness on retirement planning and the need for long term care insurance, and for this she should be commended, but is she saying enough? You be the judge.
Here are few words from Ms. Orman: "Considering how hard people work for the majority of their lives with an eye towards retiring, it's surprising to find that many give little thought to actually funding (and protecting) their retirement."
In You've Earned It, Don't Lose It: Mistakes You Can't Afford to Make When You Retire, Suze addresses this sad fact and "goes beyond the usual financial primer to describe how to safeguard your financial future with smart long term care insurance."
"No well-planned retirement should be without long term care insurance. It is the very cornerstone of retirement security." - Suze Orman
Copyright 2006 Clay Cotton
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