Do I Really Need Long-Term Care Insurance?

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[jyvpzmm]

My grandmother lived 93-96 in a care facility. But her monthly income covered it without draining her assets. The crooked lawyer depleted those.

[trb]

Dave’s wife reminds me of Mrs Columbo…we never get to see her!

[mjf]

Dr john is the best. Love him on the show!

[stacyjohnson]

The best answer I’ve heard from Ramsey😊

[truthseeker]

Love how Dave loves his wife by his comments.

[robertrudisill]

Having said all of the above, you should do the cost benefit analysis on the loss of income by paying the premiums vs paying out cash and see which is less. In MO where I live, by law, the nursing home by contract, can and will put a lien on the survivors property and assets. Some of the corporate firms do that within 30 days of you or your spouse entering the facility.

[Bettydongliu]

Ramsey always tell the truth, and suggest to only buy the insurance based on your need. Such an honest host. I trust this guy.

[davidpowell]

Does it depend on what state you are in? How much your net worth is?
Of course there are problems specific to being married and worried about something happening to your spouse.

[fastpctv]

Is your home set-up for you to stay home if you get seriously ill? When your time to pass comes, do you prefer to perish in your home if possible instead of a nursing home or hospice? I think most people want to die peacefully at home. Can you fit a Hoyer-lift over your bed and can you be rolled into your shower for you to be washed?You cant just sponge bath. Most homes are not set-up for this. You may consider remodeling if you plan to have assisted-care in your home. If so, please carefully weigh the pros and cons and carefully plan this out before dumping a bundle in to remodeling.

[manuvns]

But it if you can get it for 300-400$ a month, as a rider to to a life insurance policy

[fredknapp]

Someone else mentioned, but no reply.... If you have a home worth about 600, 000 can a Reverse Mortgage be a good idea for an emergency backup plan to fund long term care if needed ?

[DoctorSmartyPants]

If you are a Veteran, check on your benefits before you buy LTC insurance. For some Veterans, nursing home care is covered at a cost of 100/day, or 3k per month max, depending on your income .
Edit: what I meant is that this is the out of pocket expense for the Veteran.

[susanlucas]

Look into aid and attendance care thru the VA for veterans and or spouse .

[APSadvisor]

There's a lot of certainty in all these statements when talking about a product that protects you against uncertainty. You don't have fire insurance because you plan on your house burning down. Financial plans tend to work great in a vacuum. Sure, if you invest your money and get exactly a 10% return every year it will double in 7.2 years and you will be able to pay for LTC costs out of pocket. But what happens if your spouse is diagnosed with early onset dementia or you are disabled and need LTC for 10 years? These aren't 1 in a million scenarios, they happen more frequently than you would expect. Most people that buy LTC insurance have experienced first hand with their parents or a loved one and seen how it affects their overall estate.

On a side note, I'm a big fan of Ramsey. I just think he uses averages a little too often in this crazy world we live in!

[angelalopez]

Hello, I will be 56 in about a week, where can I find information on long term care insurance in Texas?

[daraghmorrissey]

I'm in Washington state and its mandatory to get Long term care insurance, if you don't buy it, you are taxed. You can't take it with you when you leave the state and that doesnt seem right. A lot of people not happy that it is being forced on them - and the insurance companies weren't ready to process the applications.

[pepsiccolausa]

Wasn’t there a book called baby steps in the movie what about Bob with Bill Murray 😂

[darrell_dee]

You know, it's just crazy to me to know that one could be diligent and still go bankrupt at the end of their life due to medical expenses. I'm neither a Democrat nor a Republican but I would rather have my tax dollars subsidize universal healthcare than many of the other wasteful programs we have in this country.

[donf]

I've heard there are plans where you can pay one large sum for LTC, rather than monthly. Has anyone done that?

My wife and I are both around 40 and relatively healthy, but we would like coverage now that will grow (say 3% per year) to keep pace or even outgrow inflation.

We don't have kids, so life insurance is not as useful to us as LTC would potentially be. (One of us being too sick to work would be a much bigger financial hit than either of us dying, because we have some wealth built up.... I know the chance of that happening the next 15 years is low, but that's what insurance is for, right?)

Does anyone have LTC insurance where they paid a large amount once, rather than paying monthly?

I wouldn't even mind if the plan expired in 15 years, if the cost is reasonable enough for the coverage it provides. (In 15 years we'll likely be in much better financial shape, and then can go with a monthly by paying a low % of our investment earnings each month.)... If the chance of us needing the coverage in the next 15 years is low, it would make sense the cost would be relatively low, correct?

[professortweedypooper]

What about self funded LTC via reverse mortgage?