Suze Orman and Long Term Care Insurance - The Ongoing Controversy

 

Suze Orman, America's personal financial advisor darling, now insists long term care insurance is a must-have. Why all the fuss over LTC insurance? Ask Suze Orman: It's because she knows that Americans must embrace this family financial tool if they seek a mature, secure retirement.

Suze Orman recently admitted making a devastating mistake: Back in 1981, Suze offered to pay for a long term care insurance policy for her mother, but her mother said that she wouldn't need it. Suze filled out the LTCI paperwork several times and each time her mother rejected it. Guess what? Her mom ended up needing long term care. The only way she could stay in in an assisted living facility (which is much nicer than a skilled nursing facility) was for Suze Orman to pay about $25,000 per month for round the clock care. Suze ended up paying over $1 MILLION dollars in care costs over 71/2 years.

Here are few words from Suze Orman: "Considering how hard people work for the majority of their lives with an eye towards retiring, it's surprising to find that many give little thought to actually funding (and protecting) their retirement."

In her books "You've Earned It, Don't Lose It: Mistakes You Can't Afford to Make When You Retire" and "The Road to Wealth", Suze Orman addresses this sad fact and "goes beyond the usual financial primer to describe how to safeguard your financial future with smart long term care insurance."

"No well-planned retirement should be without long term care insurance. It is the very cornerstone of retirement security." - Suze Orman

But is Suze Orman telling enough? Is there more long term care insurance info to learn? In the past she has been seen on the shopping channel, QVC, promoting long term care insurance from one of America's leading LTC insurance companies.

We believe there is cause for concern with this "one-company" approach, because not all buyers will be best served by looking at policies from just one insurance company. Buying LTC insurance after only looking at one company is not a smart move in the long term care insurance game.

In truth, Suze Orman, the late Christopher Reeves, Michael J. Fox and Annette Funicello could all be poster children for long term care insurance - One a financial planner whose mother refused to buy an LTCI policy, one a victim of a spinal injury, one with Parkinson's and one with Multiple Sclerosis. Long term care insurance would have been crucial to all their lives, and it will most likely be at some point in your life. You will be very glad to have long term care insurance for yourself and/or your spouse, should you ever need care.

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