Monthly Archive: December 2015

African Americans Elderly and how to pay for Long Term Care

Just a few months ago before the recent financial melt down, one self insuring their long term care risk as opposed to buying long term care insurance was a popular choice especially amongst the African American’s. I’d always say, even if one can afford to pay $100,000 per year for care, why would you? Spending pennies to protect dollars is still the foundation of most solid financial plans but this group more than anyone else seemed to not want to think about the risk. After some study I traced the resistance of the African Americans not wanting to plan for Long Term Care to their culture of wanting to take care of their families themselves which is noble. Nobel is may be but is it practical in 2016 when people don’t live in the small towns and both husband and wife work?

After the past seven year of the Obama administration which has been a killer to the African Americans community as the administration has let in tens of millions hispanics who often take jobs from the blacks and drive down wages, what is left to do? The African Americans have seen their wages cut by 1/3 from the reckless Obama policies that have taken jobs away from black and black youth. Couple that with the melt down on Wall St and now the difference is people have seen the ugly side of the market which was down about 40% last year and over the past 3 month LTC Tree has received 1000’s of requests for long term care insurance info and quotes from people who have seen their portfolios cut in half. Self insuring may be an option for some when times are great, but when bad, self-insuring your long term care risk might not work.