still trying to decide about long-term health care -- it seems like 6 of one, half dozen of the other in terms of cost, and I've watched as my parents burned through $18,000/mo. despite having long term insurance (it doesn't cover everything)for nursing care since last June, putting a big dent in their savings... now that my mother is a widow (since 2/12 when my dad died), she has moved into assisted living and only spending $7,000/mo. on that... the good part about their long term care is that even if mom runs out of money completely, all of her expenses will be paid -- the catch is she has to be broke first... JIm,
I'd be curious to hear what you decide on LTC. We've been through the same thing with my wife's mother - she had it, and when she tried to use it, it wouldn't pay for anything she needed.
Last time I read a Consumer Reports article on LTC, their conclusion was "If you need it, you can't afford it. If you can afford, you probably don't need it." And that's what I have decided. |
