One thing to consider with costs is that one does not necessarily need to have a super policy that pays for the entire period of care. Just like a deductible in health or auto policies, if you can pay some costs out of pocket, then the policy you buy can be cheaper- basically a subsidy that helps you so you don't bankrupt yourself and your partner. So if one can pay out of pocket a few thousand a month, then you can choose a policy that has a reasonable premium.
My Dad's sister lived in a nursing home until she was 105. She spent almost 20 years in there after a brain aneurysm. Her Dad lived 6 months in a coma after a stroke in the same NH until age 93. My Mom was able to care for my dementia-ridden (probably from a stroke) Dad at home until he passed a month before his 90th birthday. Dementia runs in my Dad's family, & it scares me. My husband is 12 years older than me, & I have no children; so, I will probably just self-insure. Hey, if the NH kicks me out while I'm old & dementia ridden, maybe I won't know anyway. 😊
One thing to consider with costs is that one does not necessarily need to have a super policy that pays for the entire period of care. Just like a deductible in health or auto policies, if you can pay some costs out of pocket, then the policy you buy can be cheaper- basically a subsidy that helps you so you don't bankrupt yourself and your partner. So if one can pay out of pocket a few thousand a month, then you can choose a policy that has a reasonable premium.
That’s right, I’m a big fan of this method! -TG
My Dad's sister lived in a nursing home until she was 105. She spent almost 20 years in there after a brain aneurysm. Her Dad lived 6 months in a coma after a stroke in the same NH until age 93. My Mom was able to care for my dementia-ridden (probably from a stroke) Dad at home until he passed a month before his 90th birthday. Dementia runs in my Dad's family, & it scares me. My husband is 12 years older than me, & I have no children; so, I will probably just self-insure. Hey, if the NH kicks me out while I'm old & dementia ridden, maybe I won't know anyway. 😊
105! That’s incredible. I’m glad to hear you’re at least keeping a glass-half-full approach. Thanks for tuning in and for sharing! -TG
Does Northwestern Mutual Life offer Long Term Care policies?