Do You Need Long Term Care Insurance?
HTML-код
- Опубликовано: 17 окт 2024
- ================================
Sign up for email list here. mailchi.mp/0a0...
My course "Everything You NEED to Know About Investing" will help reduce your stress when it comes to your investments.
Get it here:
retirementplan...
and don't forget there IS a 30 day money back guarantee if you're not satisfied!
Find this video of value? Buy me a cup of coffee! www.buymeacoff...
Get my books on Audible here:
adbl.co/35lVotF
My Amazon Product page:
www.amazon.com...
Anything you buy there Amazon pays me a commission. Much appreciated!
GET MY BOOKS:
ALL are FREE to Kindle Unlimited Subscribers!
You Can RETIRE on SOCIAL SECURITY:
amzn.to/31xKFuN
The Tax Bomb In Your Retirement Accounts: How The Roth IRA Can Help You Avoid It:
amzn.to/2LHwQpt
Strategic Money Planning: 8 Easy Ways To Put Your House In Order
amzn.to/2wKGi50
GET ALL MY LATEST BLOGPOSTS:
heritagewealth...
Vast majority of carriers got out of the business. 15 years ago carriers were giving policies away b/c they wanted market share. Problem is they didn’t know how to underwrite or price the product. Those carriers are now paying for it today.
I’m mid 60s and don’t see the value for price charged. Most people avg stay is 1.5 years before death. I’ll pay for it myself.
Thank you, Josh. It was very useful to see you work through the options and factors. Much appreciated.
Yes! My parents have this. And this was invaluable. You have to understand that in retirement funds are limited inflation is real. Long term care allows you to keep yourself in your home and pay for a nurse aide to come to home and take you shopping drs appts etc.
Dont drop it!
Idk, I could be wrong...but it seems to me like Dr's. are getting more on board w/ putting people on hospice. I've known a couple of people who went on hospice rather than going the NH route & look at Carter. He's been on hospice for over a year now, which is covered by Medicare.
It all depends on diagnosis. My mother-in-law got kicked out of hospice after 24 hrs because she was doing too good. She had dementia but had a good day after she was put in hospice.
This is why we decided to go the annuity with the LTC rider and we did it when we were younger. We discussed it with our advisor. He determined you really only need to supplement your care if you need it at all. If we decided to use it, it would pay for 2 years. Most people don't live that long once they go into a facility. Odds are we will annuitize it for income later instead or cash value it back into the IRA as it was from a IRA. But it there and we have options. I have the most life insurance on me. I frankly do all the labor intensive stuff and she would have to hire all that done. My wife does all the taxes and health-care stuff. So if have to hire that done I'd have to pay for that. It just makes sense she needs less coverage on her. She has the equity of the house, my life insurance and our retirement assets and options of that LTC annuity. Frankly I'd rather die than go into a home. If I'm capable of expressing that, that would be my choice. There is no sense keeping me alive with no realistic probability of meaningful recovery. They are all holding pens for the dieing.
In 2000, at age 60, my Mom bought an LTC policy from State Farm at $1000/yr for $250K coverage. At age 68, Mom went into an ALF. State Farm faithfully paid 80% of the $4500 ALF bill every month for two years until she passed.
Awesome brother ....makes sense.... Take Care
We bought the Federal LTC when I retired from the Air Force in 2002. Premiums have gone up with increases in coverages, but have decided not to accept any more increases. With our third declination, the coverage increase will no longer be offered. However, we feel fortunate that our premiums are stll only about $80 each given our age. Yet, we've been paying more for this than our term life insurance for more than 20 years. At the time, it mitigated risk of income loss due to possible LTC risks.
I bought an LTC policy with Unum offered through a former employer at age 42 ($25/mo for $250K coverage).When I left that employer, I called Unum and they allowed me to keep the policy. Eighteen years later, the policy is now $50/mo and $300K coverage.
Thank you, Josh!
Carter is still on hospice for more than a year… just used full $435K for my mom’s LTC for 4 years plus another $100K from sale of her home. She was only 76 when she passed away.
We have always had disability coverage. My husband is coveredish by the VA/ military. We agreed, long ago, that the first to go would not expect the house to be compromised. The second would sell the house if needed.
Honestly, we are hoping the Tesla robot will be ready when we need it. Turn the person in bed, serve great food and play backgammon.
My mom lived 18 months on long term care. Medicare covered the medical parts. Her policy (that called in every month)covered most everything else. Her facility began at 8k a month and ended, after COVID, at 12k a month for a private room.
Buy a LT Care policy YOUNGER and lock in the lower premium.
Both my wife and I have LTC insurance. We bought it 22 yrs ago when it was still very affordable, ($275 every three months for both), 500K 5 years max. They will reimburse all the premiums paid in if we die before age 65.
Most long term care insurance is really only short term coverage. I don't know how the insurance companies can call 3 years long term.
Not if you got a shotgun.🤣
NYL asset flex
Do they sell policies with a $200K or $300K deductible? The premiums might be lower, and if you have the cash to cover the deductible it might be worthwhile.
Great question!
Medicare covers the first 90 days or something
@@HeritageWealthPlanning Right, that's true if the Medicare patient is discharged to the ALF/SNF after a 3-day stay in the hospital.