Quote:
Originally Posted by retiredguy123
In my opinion, long term care insurance is a waste of money. If you go broke, Medicaid will kick in. In fact, about 90 percent of the people living in nursing homes are on Medicaid. If the long term care insurance prevents you from going broke, it will benefit your heirs, not you. So, if your heirs want your money, then let them pay for your long term care insurance premiums. Also, annuities of any kind are a ripoff. They only benefit the people who sell them. The upfront sales commission on a typical annuity is about 10 percent.
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Interesting replies...thank you to all.
My grandparents on my dad's side spent their last years in a nursing home in the mid-1980's. Grandpa spent 18 months in the nursing home, Grandma spent about 3 years. The combination of their nursing home expenses took almost all of the money they made by selling the family farm. My dad told me shortly after my grandmother passed away that if my grandmother had lived another 6 months, all of the money would have been gone, and she would have gone on Medicaid.