Now that you are in the beginnings (at least) of a sober mood, I want to talk about some spooky numbers and, yes, I am willing to give you a little post Halloween scare.   

I want to give you this scare only to impel you to a decision.  As always what you chose to do is your decision, but I hope you will make your decision based on facts.  So here are some facts.

Because this firm does estate planning and probate, what is always on my mind is: I will not live forever.  I also think that dying isn't the worst of it, at least not from my viewpoint.     

The worst is becoming unable to remember, losing your short term memory so you don't remember what you ate for breakfast, or even if you ate it, being unable to understand numbers so that 90 and 900 are indistinguishable and being disoriented.   

Your chances of losing your cognitive capacity is directly correlated with how long you live.  

What are the chances of getting to 85?  Not bad.   

• 38% of men and 50% of women can be expected to live to 90;  
• 14% of men and 25% of women to 95.   

The statics are that 60% of men and 80% of women will need chronic care.   

Who will provide that care for you and if it someone who is paid, how will you pay for the care?  You do not want to be among the growing number who declare bankruptcy because they cannot pay for the care they need.

If you are cared for at home, the annual cost in California, according to a study by Genworth, now is $51,148; in San Francisco that number is $60,632; in Santa Rosa it is $56,628.

If they are not, I would like it if you would begin planning your budget for the future so that you have some way to pay for care.   

Once more I am suggesting you purchase Long Term Care insurance from a reputable carrier.   

Even if you have a loved one who is willing and able to care for you, you may not want to impose this on that person as a full time job.  Your care will be exhausting to even a young and loving relative.  If the caregiver is your age, being your caretaker may make true the expression, "you'll be the death of me".   

Just think how tired you are being with someone who keeps repeating himself, how you get tired (or annoyed?) by the person who asks the same question again and again even if the questioner is your beloved grandson's, "Are we there yet?"   

Picture that or another question being asked every half hour for a year.   

You need paid caretakers because the job is difficult and needs to be shared among several people, each of whom can be reinvigorated by having some time away.

The earlier in your life that you buy it, the less you pay each year.  It may be that you are never too young to buy Long Term Care Insurance.    

In the beginning, LTC insurance plans were, frankly, not so good.  The industry has gotten a lot more creative so there are different ways to afford this insurance.   

One idea is to have a rider on your life insurance policy, another is to tie your LTC policy to an asset like your 401(k) plan.   

Also, the choices you make about the provisions within the policy are important and factor into the amount of your premium.   

You will decide how long you wait, if at all, until you get money for care, how much money you get each day and what can be paid for.       

I DO NOT SELL THIS INSURANCE so I am not telling you about all the ins and outs.  But I can give names of insurance brokers and I can review with you the proposed product the broker is suggesting you buy.  I am only saying, you need to make a decision about whether to pay for this kind of insurance.   

And then hope you never need it as you glide gracefully through your 90's without loss of cognitive or physical functioning.   

 In my view, the best insurance is the insurance you never need, e.g., if you live in Northern California and not New Jersey aren't you glad you don't need your flood insurance?

Now, I hope you buy LTC insurance and never need it!