There’s also the fact that many affluent retirees spend over $150k a year. When/if they need long term care, their spending will simply shift from travel, giving, and dining to nursing care.
I’m single, so I consider my home equity to be my long term care fund. In all likelihood I’ll be able to afford in home care, but if I need to move into a facility I can sell and fund 5-10 years of high quality care that way.
Such great timing of this article as my husband and I are in the process of considering whether to spring for LTC insurance or self-fund. I am 50 and he is 53 and we have both qualified for LTC insurance but we are not certain about taking the plunge. Anyone know the exact article that cites the 14% stat? I would love to read it to get some more context.
Those are very young ages to consider buying policies. Generally the advice is not to buy until you’re in your 60s, if you buy coverage at all. There are risks to waiting, but the odds are that even if you do need care it won’t be for many decades. The insurance landscape may look very different by then (God willing!).
I have read the same thing as what the article states and it is reassuring. But I wonder if all the statistics we read have taken dementia care and increasing longevity into account. My mother-in-law has been in memory care for over 10 years, is now 99 and her care cost is fearsome, about 18k per month. I am thankful she and husband were frugal and invested diligently. My own mother has memory problems but does not need memory care. She is 101 this year and her safety net is family.
This is a good article about the options to consider.
There’s also the fact that many affluent retirees spend over $150k a year. When/if they need long term care, their spending will simply shift from travel, giving, and dining to nursing care.
I’m single, so I consider my home equity to be my long term care fund. In all likelihood I’ll be able to afford in home care, but if I need to move into a facility I can sell and fund 5-10 years of high quality care that way.
Such great timing of this article as my husband and I are in the process of considering whether to spring for LTC insurance or self-fund. I am 50 and he is 53 and we have both qualified for LTC insurance but we are not certain about taking the plunge. Anyone know the exact article that cites the 14% stat? I would love to read it to get some more context.
Those are very young ages to consider buying policies. Generally the advice is not to buy until you’re in your 60s, if you buy coverage at all. There are risks to waiting, but the odds are that even if you do need care it won’t be for many decades. The insurance landscape may look very different by then (God willing!).
I have read the same thing as what the article states and it is reassuring. But I wonder if all the statistics we read have taken dementia care and increasing longevity into account. My mother-in-law has been in memory care for over 10 years, is now 99 and her care cost is fearsome, about 18k per month. I am thankful she and husband were frugal and invested diligently. My own mother has memory problems but does not need memory care. She is 101 this year and her safety net is family.
This is a good article about the options to consider.