My uncle had the foresight to talk to my aunt Betty and my Mom about their long term care. They both had long term care policies that paid for their care in assisted living. My aunts paid $50 a day and my Moms pays $100 a day. When we had gone past the point of Mom living safely with us and entered assisted living the policy premium stopped. I estimated that the years that Mom paid her premium(10 years) were repaid in assisted living in 10 months!! As they state in this story most of the time it is family doing the caregiving..be it the spouse or kids. Not all policies cover the hiring of help if the person is being cared for at home so then any help that the caregiver needs would be out of pocket. I also read a recommendation that the age to purchase a long term care policy is appox 60. There are ways other than a policy to plan for your care: the selling of your home, your retirement income(if it will be enough), Medicaid(worst option).
Posted on: Sun, 14 Dec 2014 17:04:14 +0000
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