Not sure how old she is, but if it’s financially feasible, consider long term care insurance. Most of these Medicare facilities are horrible. My grandmother depleted every penny she saved for years in Lutheran assisted living facility that was slightly better than a full blown nursing home. Then when her dementia got too bad, on to the nursing home which by then took only a few months she to finish depleting her savings, so on to Medicare and whatever stipend she received from my grandpa being in Marines. Luckily, my mom is a nurse so she got good care (basically from my mom and my mom yelling at the staff for neglect on the few days she was there). I don’t want my parents to go through that. Best of luck to you and your mom.
Agreed, which is why I mentioned: not sure how old she is or whether it’s financially feasible. But you’re right, anyone reading your comment should take note, it’s really important not just to avoid being a burden on your family, but also to ensure you have really good care for yourself when that time comes and it’s needed most, and not be crammed up in a tiny shared room and neglected. It’s a sad reality, but LTC Insurance is important, and me in my early 30’s AFAIK do not have it, so I’ll keep your hybrid policy advice in mind when the time comes and maybe just ask my parents when their plan is without being too nosy. Thanks!
Right on; DM me if you want to discuss further; at your age term life is more appropriate for catastrophic protection unless retirement funding is solved; for clients I usually start planning for LTC at age 50 - that’s the sweet spot before it gets too expensive.
Not sure how old she is, but if it’s financially feasible, consider long term care insurance. Most of these Medicare facilities are horrible. My grandmother depleted every penny she saved for years in Lutheran assisted living facility that was slightly better than a full blown nursing home. Then when her dementia got too bad, on to the nursing home which by then took only a few months she to finish depleting her savings, so on to Medicare and whatever stipend she received from my grandpa being in Marines. Luckily, my mom is a nurse so she got good care (basically from my mom and my mom yelling at the staff for neglect on the few days she was there). I don’t want my parents to go through that. Best of luck to you and your mom.
You can’t buy LTC Insurance when you’re at the point of needing it.
Pro tip: the best financial planning tool to implement is a hybrid life insurance/Ltc policy when one is in their late 50s.
Agreed, which is why I mentioned: not sure how old she is or whether it’s financially feasible. But you’re right, anyone reading your comment should take note, it’s really important not just to avoid being a burden on your family, but also to ensure you have really good care for yourself when that time comes and it’s needed most, and not be crammed up in a tiny shared room and neglected. It’s a sad reality, but LTC Insurance is important, and me in my early 30’s AFAIK do not have it, so I’ll keep your hybrid policy advice in mind when the time comes and maybe just ask my parents when their plan is without being too nosy. Thanks!
Right on; DM me if you want to discuss further; at your age term life is more appropriate for catastrophic protection unless retirement funding is solved; for clients I usually start planning for LTC at age 50 - that’s the sweet spot before it gets too expensive.