How To Afford Insurance?

[jwthornhill]

After my Uncle's burial this weekend I had a chance to have a long talk with his wife. She explained to me that over the last four years it had been very difficult for her financially due to the cost of care giving that he required. It seems that initially he was in a nursing home for the first two years of his care then, due to the exorbitant cost of the nursing home she had to bring him home. But, by then the damage had been done and most of their life savings was gone.

What I learned from our conversations was that caring for a family member or friend can be a stressful and challenging event, one that can affect the emotional, physical, and financial well-being of caregivers.

After our conversation all I could think about was what I could to avoid a similar situation with my parents since they are getting older. Additionally, what I could do to avoid a similar problem for my wife and I.

Does anyone know of an inexpensive long-term care insurance for persons over 70?

[cptacek]

I'm sorry for your loss. I can't help you, though I am interested in what others have to say.

[YoungBuck]

Sorry for you loss. I work in the industry and cant stress it enough that people need Life and Long-term care insurance when its due. As people get older.. they either die or they began to get sick.My buddies father just had a stroke and now they are selling the house to finance the medical bill. The sad part is that my buddy was in the industry himself. Most people hate paying for insurance, but love the benefit of it.

[Seeker]

I had an unmarried aunt that used to live in an ederly ladies' home and care for her in exchange for some spending money and room & board. This does work for people who own their own homes and gives peace of mind to those of us who still need to work for our living expenses.

Home Care, Live-in Home Care, Home Health Care - Home Care Assistance

[LuxLiving]

I don't know of their rates, but AARP does offer LTC thru I think Genworth.

Sorry to hear of your uncle's passing.

[jwthornhill]

Thanks for the advice

[MaksimFA]

re: Long term care

I am sorry for your loss. To make it worse, it is bad times like this that make it even worse as most people do not consider risk management until things like this happen.

Long term care, is simply not all about price. AARP and WSJ published great articles on this topic so not going to over kill it. Genworth for the first time in 30 years just had to go back to existing clients and tell them that they are raising their rates by 12% due to their policies being underpriced and the number of claims that went out.

Typically age 55 to 65 is hte sweet spot for buying ltc as it is the balance point between number of years before expecting to go on claim, as well as the premium price.

Most people will want to use ltc for home health care. So having that start day one will be best.

To answer your question specifically, depends on age and amount of benefit you will need, and if you want primarily home health care of nursing care. I have gotten long term care for clients as old as 75 with a good rating. Let me know if you have more specific questions. Too much to type on the subject online.

[LuckyJB]

First,
I would think about "Life Insurance" since you can get an Accelerated Death Benefit....Also its a good way to leave $ behind when you pass....Pass money to your family....

But looking into Long term...you should...educate yourself.


Life Insurance should always be #1