I sent a website the other day with this issue

It says the average cost of skilled nursing care (Nursing home) is 168.00 per day. Assisted day cares are of course cheaper, but they don’t necessarily have medication management components. Plus day care would mean that you would quite possibly need someone for night care etc.

For me I have no children, and if I did, its not their responsibility to care for me or I would never make it their responsibility to…so I really feel strongly about researching options NOW while I’m still able.

Also my quote for LTC insurance was for 100% coverage, but you can buy degrees of coverage, like 50% a day, 25% a day, medications components etc.

OUCH is right!

$350 x 12 months = $4200 a year. Let’s say you don’t need it til you’re 70 and start subscribing at age 35. That is 35 years at $4200 a year = $147,000 that you put into the long term care insurance plan (and that does not include any interest).

I guess my next question is, how much does long term care cost?

How much does this long term care insurance cost?

I know you can’t give out exact figures, but what would a ballpark figure be for someone who is now 40? 60? At some point, it just isn’t worth it. For example, my dad is 72 and needs this kind of care. He obviously wouldn’t qualify for this insurance now. I’m 38 and totally healthy so I’m sure I would qualify. So at what age does it not become cost-effective?

The problem with Long Term Care Insurance is that it is so high priced

Its almost cost prohibative for people to enter into as their near retirement and if you have the thought to get in to in at a younger age, you feel like you’re just spending your money on nothing. I work for the State Division of Aging Services… we see the baby boomers enter our programs in droves and we advocate for Long Term Care Insurance by even creating a separate program to do so, but the cost is extraordinary. I priced it out a couple of years ago for myself… I was 34 or 35 at the time, non smoker, no chronic health problems out of the ordinary etc and it was around 350 bux per month premium. OUCH. I can only imagine that it would be higher if I was 50…. Needless to say, its a hard sale to convince anybody.

Long term care insurance

I work in a retirement community that offers assisted living and a specialized unit for those with Alzheimer’s or related dementias. I highly recommend getting long term care insurance. This coverage works for assisted living as well as nursing home care. Most of my residents do not have long term care insurance but I know many baby boomers who are being proactive and investing early. I think Dave recommends it for anyone 50 and over.

Here’s another little known tip for those dealing with elderly parents. If your dad (or mom) was a veteran during a time of war and was honorably discharged, there is a program through the VA called the Aide and Assistance program. This benefit extends to spouses of veterans as well. Coverage includes assisted living and nursing home care and many people are unaware of it. There are certain financial criteria that need to be met but some of my residents are getting over $1000 per month toward their care. Contact your local VA office for details.

See how smart you are

I completely forgot we had paid our car payment a month ahead when we got DH’s severance. So we don’t actually have a car payment until Jan. Even though we had planned on paying in December (to keep ahead of the curve) I may have to skip that one.