Most people are not frightened of dying. They are frightened of becoming disabled, becoming a burden, and running out of money while it happens. The common assumption is that Medicare will absorb long-term care costs. It will not. Families sell the house instead, and that decision gets made under pressure rather than in advance.
Transcript
What I said in this clip, lightly edited for readability.
Before we start with this slide, I just want to continue on running out of money. I see people regularly who failed to plan with proper advice and ran out of money, so we had to sell the personal residence to pay for the facility, for people who will need long-term care.
People usually are not scared of dying. They're scared of becoming disabled, and being a charge to their families, and not having money to support themselves or pay for extra services.
People often mistakenly believe that Medicare will come and take care of your long-term care needs, which is not true. They cover only 90 days of extended care, and then you have to either go back to your insurance, and insurances don't just cover long-term care, or to your personal finances. I had children who had to support relatives. I had to file bankruptcies for people for medical bills. So it is a true threat. So proper and timely planning is a must.
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