Reply to How to make sure DH and I are not a burden on our children someday when we are elderly?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]My wife works as a nursing home administrator. If you think this is possible, well I don’t see it. Biggest thing you can do is have money. But people change when they get old. While  you think now that you will be fine moving out of your house and you think insurance will pay for your care, when people get old they have a skewed view of what they are capable of and your kids think you are less capable than you actually are.

FWIW, my wife says that[b] rarely does LtC insurance pay for more than Medicare and she thinks it’s a waste of money[/b]. [/quote]

DP.  This is very interesting, thank you.  I have been wondering about it.  [/quote]

Medicare does not pay for long term care. (Aside from some short-term rehab.) Medicaid pays for long term care, and in order to get medicaid you have to be poor. So, say you have a million dollars in retirement savings when you are 70, and then you get Parkinsons or break your hip or get Alzhiemers and now you need to be in a nursing home. You are married and have a nice life. You must spend all your money on nursing home care, until you are poor, and then medicaid will pay for your nursing home. Your spouse will get to keep the house and some other assets, but basically, your spouse's quality of life will plummet. Long Term Care insurance prevents that. It also means that if you need some care, say an aid coming in twice a day to help you dress and bathe, but you don't want to go to a nursing home, you have that option. Neither medicaid nor medicare will pay for that kind of intensive, ongoing home-based care.[/quote]

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