The elderly in the U.S. are faced with the possibility of outliving their nest egg, forcing then to rely on a dwindling Social Security program. The major concern for senior adults today is health care, said certified financial planner John Bertsch with Investment Centers of America. They don t want to go into a nursing home. In order to protect them from a catastrophic health care bill and to leave money to children, Bertsch recommends people purchasing nursing home insurance. Texas has the lowest percentage of people with nursing home insurance - probably because planners have not done a good job of educating the public, he said.
Most people can afford one or two years in a nursing home.
It s the Alzheimer s patient that may be in nine or 10 years that is catastrophic. There is no end to how much it could cost you for Alzheimer s care in a nursing home. Starting a trust to liquidate funds so a person can be eligible for Medicaid is unethical and in some cases illegal. The shell game bilks taxpayers, Bertsch said. He said a limited bankroll, an uncertain financial future and experiencing the Great Depression have shaped the thinking of many elderly people to look for value in everything they purchase.