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| When my parents first took out their ltc it cost 800 per year for each,by the time they used it they were paying 5,000 each per year. Their coverage on their policy went up 5% per year,it combined with social security covered the cost. I believe the current cost is around 380 per day,140,000 per year. It would have been cheaper to have put my fathers premiums in an account for 30 years before he needed it,,,but my mother has been there 2 years and some of the old women in that home have been there for 5-10 years. There are multiple 100,year old women there, don't think any of them had money but they get taken care of.
Have someone print out cost versus coverage,but once you get started you never stop paying for it,no matter how much they raise premiums. Selling assets to kids on a contract and just keeping what you need makes sense to me. | |
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Long Term Care
