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Originally Posted by jdubya
Lots of good advice here. Whats your experience in "long term" coverage? Does that include plans to help if and when "assisted living" is needed? Lost both my parents last year when they were both in assisted living. For both of them to share a 1 bedroom studio room, we were paying $12k or more each month.
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Long term care can definitely help—research the companies prior though. Some are better than others. Helps with both full and assisted care, but to differing levels. Understand that even those run out at some point if you live forever (85-90+) and know that the sooner you start, the less expensive the plan. Plan for essentially a car payment, the better plan the more expensive the premium—KIA Forte vs. F250 Raptor (or Mercedes) difference. Depends on where you retire too, though.
My family history suggests I won’t make it to 90, so I if I really wanna live that long I probably need to start soon. On the other hand, tequila, tacos and a special “cocktail” (when the time comes) sounds better than prune juice, baked chicken & steamed broccoli, and green jello…and forgetting my spouse’s name. If they shared a room for that, that sounds par for the course, so they had a decent, though not extragent plan.