I agree with Mistress.
See an estate planner and set up a trust if your parents or you have a lot of assets....most people that I saw with LTC insruance were wealthy.
LTC insurance is hard to qualify for, and is very expensive. For that reason I didn't sell much. People are very interested in it, but wait to long, or don't qualify with health problems, or can't afford it. There is so much unknown, like are you going to die before you reach a nursing home, are you going to die 2 months after entering the nursing home, how much is care going to cost when you enter a nursing home.
Knowing what I know, and my Grandpa pays about $5000 a month out of pocket where he is, I would see an estate planner and protect and transfer assets before nursing home is a possibilty. I think they only look back two years.....
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Originally Posted by Mistress
Kerry- I am sorry you have to go through this and to let you know it's a good idea to check with an attorney on disbursing assets, there is something funky in a few states about a time frame involved for getting rid of said assets before he goes into a facility also, make sure one of you is assigned as "durable" power of attorney not just power of attorney. starting age for long term insurance is at age 55 you can actually contact the company that handles your home owners insurance and or car insurance for more info. hope this helps.
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