Quote:
Originally Posted by Aces4
Thus, my point. Why worry about having enough money, the government will pay your way when you’re old. It was a real eye opener for me over ten years ago.
My parents were not wealthy but saved and planned carefully. It doesn’t take long to blow through a hundred thousand dollars for assisted living care and even faster if the patient requires “memory care”.
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That is one reason that I would never recommend buying long term care insurance. If you end up in a nursing home, they will be happy to take your long term care insurance benefits, but they won't provide any better care. You paid thousands of dollars for insurance premiums, but you will be living with people on Medicaid who get the same care and didn't pay any premiums.