- Personal Finance
The best life insurance policies for the value
You may not think of this as life insurance...but I sure do. It is when you get old and are unable to care for yourself any longer...(Like my mom).. I had it for awhile and then had to get medi-gap insurance..had funeral insurance and a small life policy. So I stoppd the Long term care. This covers Nursing home care...Home care and facility care. I now can't afford to get it again. My age plus my weight makes it too expensive. As we grow older we put on weight (well most do) and coverage goes up.
My parents had money and so they were very wise...being one's that went through the depression and all..and they took out Long Term INSURANCE. which is now paying most..but not all mom's costs at the facility she is in. There is a limit according to what kind of policy you take out. Her's pays for the rent part but not the medical care. Which is giving them meds...helping them bath etc. so for the 5528.00 a month I pay they re-imburse me all but 500.00..which then is claimed on her income tax report.
My advise to most younger person's is to invest in long term care insurance. Now when you are young and it won't cost you so much.. because you are in better health...hopefully :o) But when you become old and the kids are unable to pay for your care you will be covered.I feel bad that I had to cancel mine...although my children are better off then I am at this time...I don't want to burden them with my old age problems.
The government will care for you...but have you ever been in a Nursing home run by them? Go check one out before you get there. You will be appalled.
The way I have it figured out I have enough money from what my parents saved in IRA's and Annuities to take care of her for the next 12 years. She is 88 so that takes her to 100. Then we go on medi-caid.....and a nursing home...yuk ! The money that is in the will ...will be spent....but they put it there to make sure they were cared for in a respectfull way. Thank God...I am blessed more each day and my mom is still teaching me...God Bless Her. G-Ma :o) hugs