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No. There is a big difference between being able to afford something and choosing the best way to spend your money. We can most definitely afford to take $10,000 in cash out of the bank and throw it in the middle of the street. But are we going to do that? Obviously not. It is not the best use of our money.
Similarly paying for LTC insurance is very likely not the best use of your money.
Financial advisors are required to discuss long-term care insurance, as the result of a lawsuit (I can't find the reference online). However, long-term care insurance is quite expensive, and has very limited coverage. That's why I don't have it.
Financial advisors are required to discuss long-term care insurance, as the result of a lawsuit (I can't find the reference online). However, long-term care insurance is quite expensive, and has very limited coverage. That's why I don't have it.
have you looked in to your states partnership plans ? coverage can be incredible if your state offers full asset protection.
most states have partnership plans in place .
most are a dollar for a dollar not full assets protection like we have
many insurers pulled out because usage is off the hook compared to what they figured
I'm self insuring until the money runs out.
When it does...it does.
Given the length of MOST nursing home stays...I'm good.
Same here. Both of my parents spent very brief stays at nursing facilities. Personally I plan on checking out when I can no longer take care of myself. I am pragmatic regarding old age; I see no point in extending my life so I can sit in a wheelchair eating jello.
our estate attorney says his biggest group of clients are the self insurers ..
in order to self insure one has to invest like an insurance company or they are not really acting as one .
especially if a spouse is involved .
a large lump sum has to be segregated and invested in conservative investments out of the pool of money that generates one’s income .
since even drawing 4% can be depleted down in less then favorable outcomes it cant be left in that income generation pool .
now those who have spouses are realizing that their income is taking a major hit as that money never segregated is being drawn down .
now the stay at home spouse freaks out and runs to an attorney for help
we purposely got a ltc plan just so we can leave all the money invested as is .
for a small part of the average gains it pays for the policy.
we were going to self insure until we were in money magazine and their team of pros illustrated what a bad idea that was for a lot of reasons.
my dad impoverished his second wife because he needed care for 5 years ..his post office pension and little bit of social security was just over the limit for medicaid so it wasn’t possible to get .
the home took both his pension and ss leaving her with little …
it is so easy to be depleted when both five figures for care and regular living expenses for the spouse are coming out .
people forget if they have pensions and ss they may not get medicaid on an income basis
Last edited by mathjak107; 10-14-2023 at 08:26 AM..
We are planning to go into a Type A, life care, CCRC, which provides a continuum of care, including independent living, assisted living, and skilled nursing. We don’t want the responsibility of coordinating our care or being a burden to our daughter. LTCI can be used to help with the monthly fees at these facilities.
There are many of these throughout the U.S. We are in the process of narrowing it down. The nicest ones sometimes have long wait lists.
we found long island or westchester ones really way out of price range.. here they are really for the wealthy. upper middle class cannot consider these here
we found long island or westchester ones really way out of price range.. here they are really for the wealthy. upper middle class cannot consider these here
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