Customer Reviews

Long-Term Care: Your Financial

5 star:		(2)
4 star:		(1)
3 star:		(0)
2 star:		(1)
1 star:		(0)

 

 

I know next to nothing about long-term elder care, so I bought this book as an introduction. I have just started reading it (I am through page 71) and it is introducing a number of terms and concepts that appear to be very useful. However, I was startled by the sloppy financial analysis example on page 66. Entitled "Pay Now or Pay Later", it has the tone of sales material from a provider of long term elder care insurance.

The example compares a hypothetical client #1 with a hypothetical client #2. The unfortunate client #2 has not bought inflation protection. The example "demonstrates" that client #2 will be far behind client #1 in the first and all subsequent years of needed care. The premium dollars client #2 "saved" over 20 years appear to have been buried in the ground, as not a single additional dollar of investment earnings from the reduced premium is subsequently credited to client #2. This example is biased towards a recommendation to buy inflation protection through the unrealistic investment behavior of client #2. Someone familiar with the insurance industry should know about the added value of a annuity-like stream of dollars over 20 years.

I will post an updated review when I am further along in my reading ...

This is a very detailed report on what happens when you get ill later in life and Medicaid or Long Term Insurance are necessary. The book has a great deal of facts, but is somewhat hard to follow and very complicated - just like Medicaid actually is. If you want to prepare yourself for very possible situations in your (or your parents') senior years - this is the book for you. Just make sure you have enough time to read and understand it.

This book is excellent, and opens your eyes to the very real possibility of encountering a serious 'health event', now, or in years ahead, and with no plan for financing this near certainty. As a nation, we mistakenly have believed that Medicare or Medicaid will be there for us. WRONG! Phyllis Shelton is leading the pack in helping to cast light on this all important subject. This book can arm you with the right questions to ask, and the right direction to look. You won't be disappointed.

No Financial Planner in their right mind should be without Phyllis Shelton's latest book on Long Term Care. She continues to jam-pack this book with great information on a subject that so many know so very little about. It's no wonder that she has been described as "the most prolific trainer in the long-term care insurance marketplace."