March 23, 2017 at 6:37 am #2451
63 hit me like a ton of bricks this year. My husband turns 65 and spent a good deal of the year in and out of the hospital with multiple problems. It made me think about what we could handle financially and what we couldn’t if he had to go into a long-term care facility.
I’ll be honest, I’m one of those who thinks I’ll be able to take care of him at home, but the reality is that I’m not a doctor or a nurse. Unfortunately, the long term care insurances look very expensive, especially when I’m starting to think of them at such a late date.
What are the best options for either long-term care so that I can make sure that if anything like this happens, that I’m not in a position where I’d have to sell my home in order to fund something like this?March 23, 2017 at 9:44 am #2452
Zipporah, I have the same questions and have just started looking into options. I am 54 and I was reading that in your 50s that is one of the next steps to see that it is covered. I’d love to hear what others are doing as well.March 26, 2017 at 4:07 pm #2458
Here is information we have shared on this subject in the past. I found out how much options have narrowed the hard way when I checked into this for my parents about 5 years ago. I was told that this coverage should be in place in your early 50’s, or else you are unlikely to qualify (note: rules vary by state). At the time, they were too old to access any affordable plan. We ended up funding a nursing home for my Mom with savings. It was $4,500 per month, but can be much higher depending on the cost of living in your town. However, these expenses provided a tax deduction for my parents that softened the sting of those payments. Please let us know if things have changed in this current environment in your state.March 26, 2017 at 5:24 pm #2459
Thanks, Carla, for this info. I will be sorting through all the pieces. It is hard to decide which way to go.January 11, 2019 at 11:15 pm #20616
A number of people today are switching for a long term care facility for better living. If you think that long term care is more expensive than you can go with the Medicare insurance plan. There are many additional resources available today with the help of which you can get all the detailed information about the coverage offered by different Medicare insurance plan. My aunt has enrolled under Medicare advantage part C plan and got the benefits of 24/7 nursing facility and hospital coverage too.January 12, 2019 at 11:35 am #20631
I agree, Neil. I’ve been amazed about how good that coverage can be. My hope is that everyone has the right info at the right time to get the basic AND supplemental plans. It’s not clear if everyone has access to that advice. Thanks!
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