Do You Take Personal Checks?
In This Chapter
• Champagne toasts, caviar long-term care
• Cash is king
• The rich buy peace of mind
• It’s deductible
To someone who is considering long-term care planning, it may appear that there are only two options available: Medicaid planning and long-term care insurance. Although these two options may dominate much of the discussion, there are other ways to pay for long-term care.
The General Accounting Office of the United States reports that 23 percent of long-term care is paid for by individuals who pay out of pocket—that means people who are writing personal checks against their income and savings. Should your plan be to pay for long-term care out of pocket?
Unfortunately, many people who are ...