I’m posting this not to ‘sell’ anything, my daughter does this stuff; but there’s a larger point on this. I post cuz my wife and I were surprised we had a rather sizable ‘hole’ in our longer term retirement plans I might hope most might not have. My wife’s mother went to a senior care center last July, she wanted to stay there that surprised us as thinking she wanted to stay in her home now 10 years past her husband’s passing. Another story on this. Anyway, as my wife assists with her affairs, the cost for staying in this place is $13 grand…per month! My F-I-L in all his endless wisdom, took out a long-term care policy out some 30+ years ago. Well, chit that policy has already paid out pert near 50 grand! This is somewhere around half of the costs to stay in the place…and half of draining her funds.
This is the sort of coverage we did NOT have despite being aligned with three different IRA and other firms for insurance. This prompted us to talk with our daughter, as along the path, she didn’t want to horn in on our financial stuff unless we asked. Ahh, we asked and we got set up with some protection.
If you don’t have anything protecting some of your financials, should you or spouse need to enter long-term care – my entire point…ya might want to check it out. If you do have this protection, would be curious to know how you’re set on this.
This is the sort of coverage we did NOT have despite being aligned with three different IRA and other firms for insurance. This prompted us to talk with our daughter, as along the path, she didn’t want to horn in on our financial stuff unless we asked. Ahh, we asked and we got set up with some protection.
If you don’t have anything protecting some of your financials, should you or spouse need to enter long-term care – my entire point…ya might want to check it out. If you do have this protection, would be curious to know how you’re set on this.