Some Long-Term Care Thoughts from a Long-Time Subscriber
“I had a comment about LTC coverage, my mom had a number of health issues and required institutional 24/7 “memory” care the final year of her life. My dad found out the hard way how expensive the care costs in 2017. It was over $12,000 a month at the “nicest” hospital. He wound up moving mom to a more “affordable” place and the difference In quality of care and facilities was quite shocking to say the least. Going from Cadillac to Yugo was rough on my dad. At the new place my mom shared a room with a retired agent’s mom, in the Cadillac place she had a room of her own. From the questions the agent asked me, he had his doubts about the place but it was only one of two places in Memphis that could support our mom’s needs and this one cost about 1/3 of the other facility. If you can’t self insure for at least $300,000 I would get LTC coverage now because if you can’t afford either one of these options you wind up sitting at home hoping and praying the nurse who comes by once a day or three times a week depending on what you can afford makes it by that day. For six years before she had to be institutionalized my sister helped take care of my mom at home while she still could move around on her own and didn’t wander. The toll financially and emotionally can be devastating to the family for years to come.
I say get it now because if I tried to get it today it would cost me a lot because of underlying health conditions and now my family history, if I could get it at all. Luckily for us we,re comfortable enough to self insure. That being said don’t trust my numbers, please consider checking with your financial advisor and insurance professional to help guide you through this decision. We did and are glad we have it checked off our list.“
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