That's wonderful, Diane!
To all, I have a question.
My mom is not very old (early 60's) but has had a series of health setbacks and is now talking about not expecting to live more than another decade or so. (I don't think she has any way to know that really, the setbacks are unpleasant but not life-threatening. It seems to be more that she is now feeling "old.")
At any rate, I read this
article in the New York Times and became convinced she should get long-term care insurance
. This passage, particularly:
With that in mind, Ms. Overman’s advice for Ms. Sturm started with getting long-term care insurance for herself. “In my opinion it’s essential. You can break a hip and long-term care will take care of you when medical coverage does not — same with stroke.”
Ms. Overman said all older people should consider such coverage, even married couples with children. “I have had women tell me, ‘My kids will take care of me.’ Only to have them call me a year and a half later saying that their kids are losing their jobs because they’re taking care of me!”
But long-term care insurance can be expensive. Can Ms. Sturm, who makes less than $70,000 a year, manage that? And does it make sense?
“It is expensive but not having it is also expensive,” Ms. Overman said. She estimated that such coverage for Ms. Sturm would cost about $1,900 a year. “I bet you she’s paying that much in car insurance.”
My mom was emphatic about it being a bad idea. She works in the health care field so I don't discount what she has to say out of hand, but emphatic is kind of her default mode and I want to learn more. (For example, when I used to talk to her about her retirement plans, especially financial planning, she was emphatic that she'd be working into her 80's so she didn't have to worry about saving up a lot. She's now talking about retiring at 66.)
She currently is pulling in a good salary so she should be able to afford the long-term care insurance.
She is emphatic about not wanting to go into assisted living -- she'd rather be dead, she says.
At first she was saying that the insurance applied only to assisted living, then I brought up "what about home care?" and she allowed that it covers that, but home care is "a crapshoot." OK.
I'm worried she's just not being realistic about preparing for any real decline in her health. She hopes she'll just kind of keel over without any long drawn-out anything, and I understand that, but I also want to be sure that while she's still in the workplace and still earning good money, she keeps her options open IF things do go south for her.
So, I'm asking here -- what do you know about long-term care insurance? Do you recommend it? Why or why not?