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|Subject: Re: Big Problems wth LongTermCare Insurance||Date: 7/11/2013 9:29 AM|
|Author: Hawkwin||Number: 72550 of 77106|
<i.They like to scare you with talk about the huge monthly costs of a LTC facility, but really once you divide it out it's not so bad. My Mom's (Alzheimer's) nursing home care cost $5000/mo.
Experiences vary. I know a person that just liquidated her husband's IRA, paid penalties and everything (He bought some lousy fix annuity - not from me - that had no provisions for free withdrawal in case of nursing home). His care cost over $100,000 a year and it has already cost her/them nearly $300,000. She has about $200,000 left.
If he lives too long (her words), she will be broke by the time he dies.
If he had an expensive but partnership program plan, she would have been protected from having to spend down all their assets.
She is currently working with an atty to try and protect what is left of the IRA money now that it has been taxed at 35%.
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