Boston Celt My husband is a CPA and that is what he tells his clients. Have your kids pay for their long term care insurance. They are protecting their inheritence.
Now having said that, as our kids are still late 20's and younger, we are paying for ours. We have Blue Cross through the CPA Association which is long term care insurance which would give you higher end assisted living when you might need it.
I used to be the Executive Director of a Sunrise Senior Living Assisted Living and Memory Care community. At minimum, you need a policy at today's market value that would pay about $6000 a month per person for assisted living and closrer to $9000 minimum if it is memory care. I know the industry very well, I have actually opened two new assisted livings and staffed them and ramped them up with residents. They charge for everything, aside from meals, the care you would need, which is when you use your long term care, is VERY expensive. You cannot use long term care policies until you have a need to have help with a minimum of three activities of daily living such as dressing, feeding, bathing, walking. Just so those who do not understand what it is get a picture of when you can use it.
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