Reply to Care to share what you (or loved ones) pay for assisted living?

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[quote=Anonymous][quote=Anonymous]
This is 15:20 again from page 2.   Good resource from pp quoted above.  I'm no insurance expert but we looked into a number of options for ourselves after the situation with my mother.   LTC is shockingly expensive if you don't buy it when you are young.  If you buy it when you are young, you pay for a long time for something you might never use.   When people are talking about triggering the coverage this is an important point.  You need to understand what the policy's conditions are and look at the stats on how likely those are.  Typically, the price for the policy will be based on 2 main factors - your current age and the # of days to trigger the policy.  There are also conditions to trigger it which are based on your ability to perform activities of daily living.   The most popular days to trigger seems to be 90.  Even for that we found the cost to be prohibitive to purchase at our age.   [/quote]

LTC seems shockingly expensive... until you look at what assisted living costs ($6,000 to $10,000 a month) and then you know the true meaning of shock. My mom purchased LTC insurance when she was in her 50s and thank God she did, because she had a stroke and now she needs assisted living. She cannot bathe or dress without assistance and can only walk short distances with a walker. She has been there for 5 years now (i.e., that cost $360,000 which she did not have lying around in cash). She did have enough cash to cover the trigger period.

Another thing to consider; is it better to buy LTC insurance, expensive though it is, than burn up all your hard-earned retirement money and have nothing to leave for the kids (or have nothing to use to help them during their adulthood)?[/quote]

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