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URL:  http://boards.fool.com/a-new-client-i-have-female-has-an-existing-ltc-29970037.aspx

Subject:  Re: Long-Term Care Insurance Date:  4/11/2012  12:15 PM
Author:  akck Number:  70531 of 76397

A new client I have (female) has an existing LTC policy bought years ago but her husband didn't get one at that time. His care now costs her $9000 a month and it is quickly burning through their life savings. They used to have about $500k. They are now down to about $300K. This horrible situation puts the wife in a position she never wished to be - where she would be better off if he died sooner rather than later.

I'm guessing they did what my parents did. Mom had a LTC policy and dad didn't. The plan was mom would be the main caregiver should my dad need it and mom would be the one going into a LTC facility if she needed it. Turned out dad ended up going when mom and my sister could no longer lift him when he fell. LTC started to eat into their assets, but fortunately, dad was in for less than 6 months.

As a side note, mom never used her LTC policy, but I think she had peace of mind that it would have covered part of the cost. While I have no intention of ever being in a LTC facility (especially after visiting my dad), sometimes plans may not work out. For me, getting LTCI is to minimize any burden on my spouse.
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