How to Plan for Long-Term Care Expenses in Retirement

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Күн бұрын

Пікірлер: 30

@floydchusset3143 3 ай бұрын

I need a way to draw up a plan to set up for retirement while still earning passive income to meet my day to day need and also get charged lesser taxes even while in a higher tax bracket. i want to invest around $250K savings.

@grinjohnson6452 3 ай бұрын

Don't put all your eggs in one basket; instead, diversify into different asset classes to mitigate risk. If you lack extensive knowledge, consult a financial advisor.

@georgewaxton4015 3 ай бұрын

Laura Grace Abels is the licensed adviso r i use

@georgewaxton4015 3 ай бұрын

im just putting this out here because you asked. You can Just search the name. You’d find necessary details to work with to set up an appointment.

@floydchusset3143 3 ай бұрын

Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.

@Go4Corvette 3 ай бұрын

The key is not to live too long and to know when to jump. No insurance is needed.

@scchask 3 ай бұрын

I would be interested to know how countries in Europe and Asia handle long term care and what they do better or worse than the US.

@user-yj3ob9kd3l 3 ай бұрын

Great topic. You're right about those who have been thinking about it. I'm one who has been thinking about how to handle this important decision. I'm eligible for the FLTCIP coverage, but they've suspended enrollment, probably due to the issues you've mentioned. You provided some good information to help in sorting it out. I'll check the Genworth tool to learn more. Thanks!!

@susanrocksvold534 3 ай бұрын

Thank you. I hope you read my response 3/4 down from a comment. So many in and outs in the industry. Levels of stepping up in care. We Discouraged my mother from buying into a place. Rent is best with these Facilities.

@gregwessels7205 3 ай бұрын

Thanks for the website Devon, I guess I have some homework to do now.

@MidlifeCrisisManagement 3 ай бұрын

LTC is too expensive for the vast majority of people. my parents bought it when they turned 50, which was over 25 years ago. not a viable option anymore. self-insure and hope for the best. you're so right about "national averages" varying wildly. thanks for sharing the Genworth LTC cost tool, Devin!

@penelope5500 3 ай бұрын

My thinking about LTC (NH care) is pretty straight forward. Try to reserve $100,000, or at least $50,000, to pay a NH. The reason for that is so that you, or someone who has your best interests in mind, can select the NH & pay them at least for a while. Probably won't stay in a NH for too long. Then after that money runs out the pt. can go on Medicaid, if they need to, but they are at least in a decent facility, that hopefully has Medicaid slots (might want to ck. that out beforehand) & then they can just transfer over to Medicaid. No guarantee but at least you'd have a shot at not being in a Medicaid NH.

@CD-ql9hz 3 ай бұрын

The sweet spot for insurance is to cover risks that are unlikely to happen, but if they do happen, the cost is major. For example, homeowners and auto insurance. Trying to insure an event that has a 70% likelihood of happening is not cost-effective. Basically, the premiums are so high that if you have a claim, you are just getting your own premiums back.

@James4cycling 3 ай бұрын

I’m self insuring. Next year our mortgage will be paid off. If either or both of us need long term care, we will use the equity in our home to cover those costs.

@micheleyoungblood 3 ай бұрын

I was thinking the same thing

@theraptureisnearbelieveinj448 3 ай бұрын

You’d have to be crazy to enter a US long-term care facility.

@susanrocksvold534 3 ай бұрын

Depends. My mother, who lived to 88 years old, had been looking at retirement communities for 10 years. High end of big bucks. We discouraged her to buy in after sale of house. Was in the middle of down sizing home of 40yrs when she had another Brain Bleed and she didn't want to remain in house. Scrambled to find a place. 1bed room with Toilet around the clock care. $6,500 a month. She thrived in the environment. After long term care and Medicare out of pocket was 2000 a month and Hospice was on site. I'm 61yrs bought Long Term Care through federal government program at 50yrs old. My hubby crunched the numbers, every yr you waited was on average $100 more per yr. 😮 in Premiums. Boy my financial Planner was not happy but when my hubby burp that out he shut up😂 Since,the Program has closed. So it all depends on Circumstances and planning. Especially if Dementia/ alzheimer's disease runs in your family. 😢 That's a whole other can of worms! 🎉

@Jenzelifer 3 ай бұрын

What is your opinion on a IUL with a chronic illness rider?

@samstinkeringaround8961 3 ай бұрын

thanks for any help

@Bill-vk7fh 3 ай бұрын

Near the end you state LTC expenses one of the biggest expenses... Are there stats available for what % of people need the varying expenses ? e.g. how many people needed skilled nursing and for how long ? How about no care, at home care etc ?

@MMjones6459 3 ай бұрын

It's a common belief that a long-term care facility can't make you move out if you enter as a cash patient and then qualify for Medicaid. Not a good strategy when most facilities are now "for profit".

@norwoodwildlife9849 3 ай бұрын

Are you going to do a COLA video?

@stevecutter9678 3 ай бұрын

Do they offer long term care in Mexico and if so what does that cost compared to the US?

@jaynelson8304 3 ай бұрын

I hate LTC insurance! My Mother in law paid a premium for 20 years, a sum she really couldn't afford, only to have it last less than a year. Instead of paying the premium for 20 years for my wife and I, if I invested that money it would grow to more than $260,000. And that's if the premium doesn't increase, which it will!

@salsabus1 3 ай бұрын

What we are supposed to do is completely different of what we can do based on the economy. The things you talk in this video is only if we live in a different non-corrupt America but thank you for looking out.

@fricky11111 3 ай бұрын

I hear there are major changes ( reductions) in Advantage plans coming in 2025.......ya'll heard anything about that??

@penelope5500 3 ай бұрын

Dr. Weir talks quite a bit about that on his channel.

@robertboucher1748 3 ай бұрын

You're comparing the *annual* risk of car accidents and house fires to the *retirement-age* risk of needing long-term care. Your content is usually great without being disingenuous like this.