Thought of another question:(3) The financial planners I've talked to (don't worry, I have remained "fool-ish", and not turned any money over - just asked for advice) want to sell me nursing home care insurance. Don't really want to pay out $5,000+ / year for such, but what's everyone else doing in that line?
Thought of another question: (3) The financial planners I've talked to (don't worry, I have remained "fool-ish", and not turned any money over - just asked for advice) want to sell me nursing home care insurance. Don't really want to pay out $5,000+ / year for such, but what's everyone else doing in that line? The first question is do you have enough assets that you can pay for the care and not use up all the families assets.The next is what percent of your annual income will go into the insurance. If the percent is to high you might deceide you need it but can not afford it.I would lean toward coverage if you can aford it and not pay the nursing home costs out of pocket. Do a lot of research to make sure you get a good policy.
Janice:The $5,000 annual premium seems high for your age. I'm 67 and recently purchased a MetLife policy that will pay $130 a day for care; it paying costs about $2,400 a year. I was denied the lowest rate because of an occassional twinge of arthritis. I am confident I can make up the difference with income from my investments.You should consider long-term care if you want to preserve your assets and the cash flow from your investments and other sources of income will not cover the cost of care. It's about $210 a day in this part of the country (Connecticut).Some states will let a person keep assets equal to the amount they would have paid into the policy had they lasted a normal life span.Keep checking for premium costs and see if Texas offers an estate preservation enducement.Good luck and enjoy retirement.Dave
My thanks to all who replied to my questions.Comments: The $5,000/yr premium (for nursing home care) was what I was quoted for my husband only, age 60 - I haven't done a lot of research yet, so assumed that was fairly standard. But even if I found a lot less expensive premium (as one of the responses quoted), the cost would still be at least $5,000/yr for BOTH of us, and that's just more than I want to pay.I will look into BC/BS large deductible medical care here in Texas. Thanks again.
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