No. of Recommendations: 0
Vermonter,

A financial advisor told me that the average stay in a nursing home is less than 2 years. The policy I looked into covered up to 2 years--I would imagine the premium would have been much higher if they covered longer than that. Some of these policies also cover 'in-home' care, but there are maximum time limits on that coverage also.

Her own funds covered the huge costs for those 9 months, but there was little left at the end

The same thing happened to my friend's father--first he was in a minimum care facility for one year, and then 10 months in a nursing home, between the two almost all of his assets were depleted. Here in NY nursing home care is really expensive, somewhere in the neighborhood of $100K/year.

2old
Print the post  

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement