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Long Term Care

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  • Long Term Care

    OK, in my other thread, we dealt with Social Security. My financial advisor tells me that my plan is solid to EITHER "take and invest" or "wait til 70", and both options look sound.

    When I asked him (up front) "OK, before we start, how do you get paid?" I think that's a VERY IMPORTANT question to ask anybody who wants to manage or advise you on managing your money.
    He replied, "up front frees or retainers - no hidden fees or costs - you will always know what you're paying - and our "pay" is based on how well your portfolio does - if you don't earn money, we don't either".

    I like that, and feel good about using them.

    He said the ONE AREA where my financial plan is faulty is in considering Long Term Care.

    Anybody have a LTC plan? Suggestions?

    Basically, it's an insurance policy to help cover the costs of nursing homes, etc. I have long said "I'm not afraid to die - I'm concerned about living too long".
    "Neighbor, how long has it been since you’ve had a big, thick, steaming bowl of Wolf Brand Chili?”

  • #2
    They were selling some long term care plan here at work as an option but it was too durn expensive, at least for someone of my age.

    knowing my family history, I won't need it. Both parents died of lung cancer, and several relatives died of various cancers. And my mom's side of the family all died of heart disease. I have a great retirement to look forward to, huh?

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    • #3
      Originally posted by Sparko View Post
      They were selling some long term care plan here at work as an option but it was too durn expensive, at least for someone of my age.

      knowing my family history, I won't need it. Both parents died of lung cancer, and several relatives died of various cancers. And my mom's side of the family all died of heart disease. I have a great retirement to look forward to, huh?
      Mrs CP's mother and younger sister both developed dementia. Mrs CP is hopeful that it was at least largely in part to the fact that they were both chain smokers, and she has never smoked. My Dad was pretty healthy right up to his nearly 10 decades on the planet, and I'm pretty much a clone of him, I'm told.
      "Neighbor, how long has it been since you’ve had a big, thick, steaming bowl of Wolf Brand Chili?”

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      • #4
        I figured if I had a threat of a bad health future that I would take up skydiving as a hobby

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        • #5
          I thought you planned for Jake to take care of you in your dottage.
          "If you can ever make any major religion look absolutely ludicrous, chances are you haven't understood it"
          -Ravi Zacharias, The New Age: A foreign bird with a local walk

          Be watchful, stand firm in the faith, act like men, be strong.
          1 Corinthians 16:13

          "...he [Doherty] is no historian and he is not even conversant with the historical discussions of the very matters he wants to pontificate on."
          -Ben Witherington III

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          • #6
            Originally posted by Raphael View Post
            I thought you planned for Jake to take care of you in your dottage.
            He's growing old faster than we are.
            "Neighbor, how long has it been since you’ve had a big, thick, steaming bowl of Wolf Brand Chili?”

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            • #7
              Originally posted by Cow Poke View Post
              He's growing old faster than we are.
              My folks turned 80 this year (my mom in June, my dad in July). We got them a Papilion puppy for their birthday.
              "If you can ever make any major religion look absolutely ludicrous, chances are you haven't understood it"
              -Ravi Zacharias, The New Age: A foreign bird with a local walk

              Be watchful, stand firm in the faith, act like men, be strong.
              1 Corinthians 16:13

              "...he [Doherty] is no historian and he is not even conversant with the historical discussions of the very matters he wants to pontificate on."
              -Ben Witherington III

              Comment


              • #8
                "Even to your old age and gray hairs
                I am he, I am he who will sustain you.
                I have made you and I will carry you;
                I will sustain you and I will rescue you." (Isa. 46:4)

                I've seen God make a way for one who was really unprepared for long-term care...

                Blessings,
                Lee
                "What I pray of you is, to keep your eye upon Him, for that is everything. Do you say, 'How am I to keep my eye on Him?' I reply, keep your eye off everything else, and you will soon see Him. All depends on the eye of faith being kept on Him. How simple it is!" (J.B. Stoney)

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                • #9
                  Originally posted by lee_merrill View Post
                  "Even to your old age and gray hairs
                  I am he, I am he who will sustain you.
                  I have made you and I will carry you;
                  I will sustain you and I will rescue you." (Isa. 46:4)

                  I've seen God make a way for one who was really unprepared for long-term care...

                  Blessings,
                  Lee
                  Work like it all depends on you, pray like it all depends on God.
                  "Neighbor, how long has it been since you’ve had a big, thick, steaming bowl of Wolf Brand Chili?”

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                  • #10
                    When I looked into long term care, I found that the plan was sufficient IF you didn't go over THREE years. That was all the policy would cover given the average cost of care per year.

                    With my dad the care is being provided by the vet's home where he pays 70 percent of his monthly gross income. If we can raise his disability to 70 percent, he will pay nothing as the disability will cover it all. Them's the rules.

                    Home long term care is good only if the family structure can support it. Mine couldn't.
                    Last edited by DesertBerean; 08-13-2019, 01:24 AM.
                    Watch your links! http://www.theologyweb.com/campus/fa...corumetiquette

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                    • #11
                      Originally posted by Raphael View Post
                      I thought you planned for Jake to take care of you in your dottage.

                      Comment


                      • #12
                        Originally posted by DesertBerean View Post
                        When I looked into long term care, I found that the plan was sufficient IF you didn't go over THREE years. That was all the policy would cover given the average cost of care per year.

                        With my dad the care is being provided by the vet's home where he pays 70 percent of his monthly gross income. If we can raise his disability to 70 percent, he will pay nothing as the disability will cover it all. Them's the rules.

                        Home long term care is good only if the family structure can support it. Mine couldn't.
                        Yeah, the more I look into it, the more red flags I see. The THREE YEARS thing you mention sounds pretty common, and if you're going to need "long term" care, three years doesn't seem very long.
                        Also, it sounds like the companies that do provide LTC are really picky about the clients they accept.

                        Much of the advice I've seen includes instructions on how to minimize your "wealth" so Medicaid would help. You pretty much have to spend all of your resources BEFORE they will kick in.
                        "Neighbor, how long has it been since you’ve had a big, thick, steaming bowl of Wolf Brand Chili?”

                        Comment

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