Should I Have Bought This?
by Dave Ramsey
Dear Dave,
My wife and I bought long-term care insurance 17 years ago. We’re now in our eighties. We’ve never had to use this insurance, and we were wondering if buying it was the right thing to do.
Ken
Dear Ken,
You bet you did the right thing! A nursing home costs $30,000 to $50,000 a year. That kind of money will crack and scramble a nest egg in no time flat.
I strongly recommend buying long-term care insurance by age 60 that will cover in-home care or nursing home care if needed. It’s absolutely vital!
The fact that you haven’t had to use the insurance is a blessing and a wonderful testament to the way you’ve lived your lives. God bless you both, Ken.
– Dave
Posted by Barbara J
from Massachusetts
Several years ago I responded by mail to an ad for long term care insurance. Later received a phone call about it. I was asked whether I owned my own home, had a back account or investments. My answer was no to all the questions. Their response; Sorry to have bothered you. What do you make of that? We don't have long term care insurance and are likely too old to buy it now. We are in our middle and late 70's. I am just curious what you think of this. Barbara Bassett
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Posted by LaDeana
from Mason, OH
I agree with Dave. My mother had long-term care insurance and never used it before she died of cancer. My father-in-law never bought it saying, "I have saved enough for my retirement." He retired in his sixties and did okay until his eighties. Then his wife had a stroke causing paralysis on her left side requiring full-time nursing care. His health declined also in his eighties from parkinson's and dementia. Both of them ended up on full-time nursing care facility. My mother-in-law died this year after four years of full-time nursing care. Their retirement fund disappeared after three years in the nursing home. It saddens me to see my father-in-law dependent upon government aid to support him in the nursing home. I just wish I had the funds and means to take care of him myself.
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Posted by Gayle
from California
We purchased long term about 5 years ago and wonder all the time if we did the right thing. It costs us each $200 a month. That is hard to take as the economy changes so quickly around us. We're only in our early 60's so we could be paying this for many years to come and may never need it. Is there a chance the company could go bankrupt like all the banks? When a company has such big payments going out to the care facilities for those who are using it, it seems like maybe it could be struggling financially. Our company is GE and it is suppose to be one of
the best. What do you think? Should we cancel it? Gayle
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