My financial adviser is urging me to use one of my annuities to purchase a LTCI policy with his company. I told him that my plan is to use my annuities for the purpose of my health care. I told him that I had saved long and hard for this. In addition to purchasing a critical care policy from AFLAC as well as two other policies from another company that will aid some in long term care, he still thinks that I should buy long term care. To end this discussion one way or another, I contacted a friend of mine who I thought had to have purchased some type of LTCI as she has a husband who has had home health care for eleven years. (No one dreamed he would still be here--not that that's a bad thing.)
She said that she had not purchased LTCI and that if she had she would probably be destitute by now and her husband living in a sub care nursing home. She said that her husband had always taken good care of her and she felt she owed it to him to do the same for him. After a short stay in a nursing home, she brought him home and with the care of excellent licensed home caregivers, she is able to take care of him. She said that she pays $10 per hour (I know this sounds kind of cheap but in this area it is not hard to find caregivers to work for this or even less. Whenever I find someone with rates like this, I take the info and and also pass it along.)
At first my friend said she started out with 8 hours per day, but after a year; realized he did not need that much. He is bedridden and have tubes to do pretty much everything. She now uses health caregivers no more than 4 hours a day. She that what she pays is a fraction of what she would have to pay a nursing home.
She said this plan works fine for her and in her opinion anyone who can afford it may do well to go this route. She did say that the down side was her time was limited as to what she can do as she did not like to be gone too much. In hearing this, I felt so much better and at peace. I feel confident that as for myself this is the right thing for me. To his disappointment I told my adviser: Thanks but no thanks.
I know this subject has probably been beat to death but I wonder if there are other alternatives to purchasing LTCI or even if there is a reason that I should reconsider buying LTC. One friend told me that she has put her daughter's name on her house so that when the time comes she could take care of her. I don't think I'd go that route. You must might find yourself in a nursing home anyway.
She said that she had not purchased LTCI and that if she had she would probably be destitute by now and her husband living in a sub care nursing home. She said that her husband had always taken good care of her and she felt she owed it to him to do the same for him. After a short stay in a nursing home, she brought him home and with the care of excellent licensed home caregivers, she is able to take care of him. She said that she pays $10 per hour (I know this sounds kind of cheap but in this area it is not hard to find caregivers to work for this or even less. Whenever I find someone with rates like this, I take the info and and also pass it along.)
At first my friend said she started out with 8 hours per day, but after a year; realized he did not need that much. He is bedridden and have tubes to do pretty much everything. She now uses health caregivers no more than 4 hours a day. She that what she pays is a fraction of what she would have to pay a nursing home.
She said this plan works fine for her and in her opinion anyone who can afford it may do well to go this route. She did say that the down side was her time was limited as to what she can do as she did not like to be gone too much. In hearing this, I felt so much better and at peace. I feel confident that as for myself this is the right thing for me. To his disappointment I told my adviser: Thanks but no thanks.
I know this subject has probably been beat to death but I wonder if there are other alternatives to purchasing LTCI or even if there is a reason that I should reconsider buying LTC. One friend told me that she has put her daughter's name on her house so that when the time comes she could take care of her. I don't think I'd go that route. You must might find yourself in a nursing home anyway.