November 08, 2023 • James Ball
Meet Jim - Case Study 2 (LTC Insurance for People Under Care)
Jim is 77 years old, widowed and lives at home.
Jim currently lives at home where he now receives 24/7 care. It has always been important for Jim to stay at home where he feels safe and comfortable. He understands that the cost is more than some of the communities his son (Power of Attorney) has looked at for him.
Jim has mild Dementia diagnosed 3 years ago and needs moderate help with almost all of his activities of daily living.
The monthly cost of Jim's care is $14,000. Jim has an income from his social security of $3,000 per month. He also has Stocks and bonds of $900,000, savings of $400,000 and an IRA account of $600,000. The shortfall that Jim is looking to solve for is $11,000 per month.
Jim's daughter is his Power of Attorney and is receiving advice from a care fees financial planner about how best to pay for his care, now and in the future.
Address
211 Nokomis Ave S, Venice, Florida 34285
Contact Number
1-941-486-0305
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