Bob Brinker Free Discussion Site 59,820+: Re: Re: Critical Mass

» permabear - Re: Re: Critical Mass

In response to Re: Critical Mass posted by Normxxx:

"Also, if you want to be considerate of your heirs, get some LT Care insurance."

From my own personal experience managing my grandmother's affairs (she passed away last year at age 94), I personally would not choose to purchase long term care insurance. Before I got involved, she had purchased a long term care policy. Over the years, as she aged the payments kept on growing exponentially. At age 85 I believe they went to something like $1,500 per month. At that point I stopped the policy. I saw it as a big-time ripoff. My grandmother stayed in a board and care home for over 12 years and would have never been able to utilize the policy, so I made the right decision. As I approach retirement age, I will not purchase a long term care policy for myself. It pays if someone goes into a nursing home and stays there for several years. But for most folks, I think just saving your money for the rainy day makes more sense. If you need nursing care, if you are at critical mass, you can most likely afford the nursing home payments ($50,000 to $80,000/year) with your existing savings.

-- posted by permabear