481 | Mailbag: Long-Term Care, Aging Parents and their Finances | Danielle Miura

In this episode: caregiving and FI, retirement planning, reverse mortgages, long-term care, and long-term care insurance.
This week we are joined by Danielle Miura to discuss how her experience as a caregiver has impacted her FI mindset, as well as answer listener questions pertaining to planning for your own long-term care while on the path to FI. As you and your loved ones get older, it’s important to start considering what additional finances they may require. From long-term healthcare to assisted living, there are many factors that not only impact their life financially, but could impact you and your FI plans. While it may be uncomfortable to have conversations with loved ones about their finances and expenses, it is imperative to have these discussions early and create a plan that works for you and your family.
Danielle Miura: Website: spark-fin.com LinkedIn: Danielle Miura Twitter: @Daniellemiula Timestamps: 1:19 - Introduction 2:22 - Caregiving and FI 7:28 - Dealing With Poor Retirement Planning 15:38 - Reverse Mortgages and Viability of Selling The Home 21:41 - Having The Uncomfortable Conversation 24:40 - Planning For Your Final Years 32:41 - Long-Term Care and FI 36:10 - Long Term Care Insurance 45:30 - Conclusion Resources Mentioned In Today’s Episode: Subscribe to The FI Weekly! More Helpful Links and FI Resources: Top 10 Recommended Travel Rewards Credit Cards Empower: Free Dashboard to Track Your Finances CIT Bank Platinum Savings Account M1 Finance: Commission-Free Investing, 1-click rebalancing CashFreely: Maximize Your Cash Back Rewards Travel Freely: Track all your rewards cards and points Emergency Binder: For Your Family’s Essential Info (code ‘CHOOSEFI’ for 20% off) Student Loan Planner: Custom Consult (with $100 Discount)

[@kathya3760]

I am in New York, New York and short term rehab in a skilled nursing facility after a hospitalization, post hip replacement, etc. may be covered by Medicare for up to 100 days. I’m not aware of an assisted living community that can accept Medicare payment, but that may be just in my area.

[@pamjohnson2168]

I’m a social worker and in our state the government indeed does pay for assisted living and nursing home costs when a person runs out of money.