Reply to Panicked about finances now that I see how expensive eldercare is

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Most people who need long-term 24/7 care need it for 2 years or less (because they pass away) so save up enough for that.[/quote]

That is a ridiculous assumption.  It works out for you to believe this, but you have no idea what to expect. [/quote]

No, PP is correct that the average reliance on long-term care - in-home or nursing home - is 2 years.

https://www.morningstar.com/articles/823957/75-mustknow-statistics-about-longterm-care.html[/quote]

My relative that bought long term care insurance for her husband said that the cost of the long term care insurance was about break even at two years of care.  So you are betting you’ll live longer than two years, and they are betting you won’t.

The more I learn about Medicaid coverage of long term care, the worse it seems.  It’s literally not enough to cover the cost of care so nursing homes either won’t accept it or only accept it by gaming the system in other ways.  [/quote]

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