Skip to main content
No. of Recommendations: 0
That's the newest thing among the moneyed set. (Mr. Faga is the former CEO of the Mitre Corporation.)

A new way to pay for the single biggest expense in retirement

As members of Goodwin House at Home (GHAH), the Fagas stay in their home of 35 years in Falls Church, Va., while receiving long-term-care benefits that kick in if they experience cognitive or physical decline and need help with activities such as eating, bathing or dressing. Those benefits include an insurance contract that covers costs related to long-term care — such as paying for home health aides — and care management from a licensed social worker who can coordinate the hiring of in-home aides, oversee care after discharge from a hospital and evaluate the type of nursing home or other facility that would make the most sense if the couple ultimately needs to move out of their home.

The couple paid an upfront membership fee of more than $180,000 — and continue to pay about $1,000 a month — for a plan that’s 90% refundable if they terminate the contract. In return, the couple can receive a daily benefit up to $402 to pay in-home caregivers if either of them cannot perform at least one daily-living action, with a maximum lifetime benefit of about $1.1 million. It is one of five plans that GHAH offers; others have lower upfront fees based on one’s age and benefit level.


Print the post  


The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
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.
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.