My wife (no pics) and I, both 67, have put away a very nice chunk of money for retirement. We have a nice home and a vacation home - we drive nice cars and can give money to our kids. Our only debt is a very manageable mortgage on the vacation home that I could pay off, but it's only 2.625% interest. We are financial set ..... except for long term care.
Since I turned 50, I have looked at long term care insurance every few years, but it just didn't seem like a good deal. Now, skilled care facilities are crazy expensive and the LTC Insurance plans I have seen are nothing but glorified savings accounts - you give $300,000 to an insurance company today and it will pay you $360,000, IF you go into a skilled care facility AND you qualify for the benefit.
My father was stayed in perhaps the nicest and best skilled care facility in the area in 2020 and it was $8,000 a month. My mother-in-law stayed is a "nice" facility (but not the best) in 2022 and it was $9,000/mo. I doesn't take an actuary or economist to see where this is going.
I know there are a lot of "experienced" (old) HROT'ers out there. What have you done, or are planning to do, about a possible future in a nursing home? 🤷♀️
You "young" whippersnappers- go ahead and make your jokes!
Since I turned 50, I have looked at long term care insurance every few years, but it just didn't seem like a good deal. Now, skilled care facilities are crazy expensive and the LTC Insurance plans I have seen are nothing but glorified savings accounts - you give $300,000 to an insurance company today and it will pay you $360,000, IF you go into a skilled care facility AND you qualify for the benefit.
My father was stayed in perhaps the nicest and best skilled care facility in the area in 2020 and it was $8,000 a month. My mother-in-law stayed is a "nice" facility (but not the best) in 2022 and it was $9,000/mo. I doesn't take an actuary or economist to see where this is going.
I know there are a lot of "experienced" (old) HROT'ers out there. What have you done, or are planning to do, about a possible future in a nursing home? 🤷♀️
You "young" whippersnappers- go ahead and make your jokes!