Yeah, I bookmarked it. Thanks!mathjak107 wrote: did your state offer them ?
New Strategies for Covering Long-Term Care Costs
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MachineGhost
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Re: New Strategies for Covering Long-Term Care Costs
"All generous minds have a horror of what are commonly called 'Facts'. They are the brute beasts of the intellectual domain." -- Thomas Hobbes
Disclaimer: I am not a broker, dealer, investment advisor, physician, theologian or prophet. I should not be considered as legally permitted to render such advice!
Disclaimer: I am not a broker, dealer, investment advisor, physician, theologian or prophet. I should not be considered as legally permitted to render such advice!
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mathjak107
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Re: New Strategies for Covering Long-Term Care Costs
It is all about the perks after the insurance runs out . The 3 years coverage is bupkas compared to what you get after that.
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mathjak107
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Re: New Strategies for Covering Long-Term Care Costs
one thing i want to mention when it comes to long term care .
many think the family will be able to fill the roll of care takers.
but typically what happens is one sibling steps up to the plate and the others step back. more often than not that breeds resentment and trouble.
if wives are involved then once the wives start arguing with you as to why your brothers and sisters do not help or contribute that opens a 2nd front of fighting.
more families have been split up because of this issue.
i don't know if anyone ever tried picking up a 200lb lump of limp flesh but someone with no support of their own can be holly hell to move around 24/7 .
usually the family member giving the care not only has their own career cut short or ended but they end up getting hurt as well.
having had my father in a home for years and the family issues involved i can say that having a long term care plan is very important.
as i said earlier usually when folks say they will be self insuring that means there is no plan because that money would have to be set a side where it is subject to no risk , always ready and there and can have no growth. my co-worker at 52 just fell off a ladder painting . he broke his hip and wrist and had a stroke during hip surgery. now he is paralyzed.
the care is draining the family of everything . so age isn't even a factor.
i believe strongly the base of every investment pyramid should be the insurances we need in place to protect those assets above it and using a small piece of the return on those assets to buy that insurance can be well worth it .
many think the family will be able to fill the roll of care takers.
but typically what happens is one sibling steps up to the plate and the others step back. more often than not that breeds resentment and trouble.
if wives are involved then once the wives start arguing with you as to why your brothers and sisters do not help or contribute that opens a 2nd front of fighting.
more families have been split up because of this issue.
i don't know if anyone ever tried picking up a 200lb lump of limp flesh but someone with no support of their own can be holly hell to move around 24/7 .
usually the family member giving the care not only has their own career cut short or ended but they end up getting hurt as well.
having had my father in a home for years and the family issues involved i can say that having a long term care plan is very important.
as i said earlier usually when folks say they will be self insuring that means there is no plan because that money would have to be set a side where it is subject to no risk , always ready and there and can have no growth. my co-worker at 52 just fell off a ladder painting . he broke his hip and wrist and had a stroke during hip surgery. now he is paralyzed.
the care is draining the family of everything . so age isn't even a factor.
i believe strongly the base of every investment pyramid should be the insurances we need in place to protect those assets above it and using a small piece of the return on those assets to buy that insurance can be well worth it .
Last edited by mathjak107 on Sat Jul 04, 2015 3:59 am, edited 1 time in total.
Re: New Strategies for Covering Long-Term Care Costs
mathjak107,
No truer words have ever been written. My wife is one of four children, and the only family member living in the same state as her mother. So the job of caring for her mother has fallen to her by default.
My mother-in-law lives alone in a home she cannot care for and refuses to sell. My wife spends at least one day a week to do grocery shopping, take her to doctor's appointments and other chores.
The only thank you that I am aware of came from my sister-in-law, who is a nurse, "You're always there for her". Once, that was it. My two brother-in-laws are never heard from and completely useless.
My wife and I purchased LTC insurance for two reasons: (1) We could afford it, and (2) We have no children and I expect none of our nieces and nephews to care for us when we really need it.
I can only pray that I check out like my father. He passed away two years ago at 95 years old. On the day he died, he balanced his checkbook, ate dinner, and sat down to watch TV. And that was it.
Way to go, Pop.
So mathjak107 has identified a good reason for LTC.
NEVER rely on your family.
No truer words have ever been written. My wife is one of four children, and the only family member living in the same state as her mother. So the job of caring for her mother has fallen to her by default.
My mother-in-law lives alone in a home she cannot care for and refuses to sell. My wife spends at least one day a week to do grocery shopping, take her to doctor's appointments and other chores.
The only thank you that I am aware of came from my sister-in-law, who is a nurse, "You're always there for her". Once, that was it. My two brother-in-laws are never heard from and completely useless.
My wife and I purchased LTC insurance for two reasons: (1) We could afford it, and (2) We have no children and I expect none of our nieces and nephews to care for us when we really need it.
I can only pray that I check out like my father. He passed away two years ago at 95 years old. On the day he died, he balanced his checkbook, ate dinner, and sat down to watch TV. And that was it.
Way to go, Pop.
So mathjak107 has identified a good reason for LTC.
NEVER rely on your family.
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mathjak107
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Re: New Strategies for Covering Long-Term Care Costs
i lived it so i am very aware of what happens in a family .