Quote:
Originally Posted by aljetmet
I really don't want my grand kids to starve. I have an American Express credit card that pays 2 %. I send the money to the grand kids 529 accounts.
I guess we can sell our TV house and use the funds for long term care or use a reverse mortgage. Both my wife and I have pre-existing conditions that preclude us from getting long term care insurance (I think) I'll have to inquire again, just to make sure.
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I don't want my kids or grandkids to starve either. Your AE card paying the 2% is a totally different issue, IMO. We've learned the hard way, and informed our kids that the Bank of Mom and Dad has closed. We have helped them out, but we cannot fund their everyday living. Sometimes they forget that their mother has a chronic illness which needs quite a bit of financial attention from time to time. At mention of this, their jaws drop in silence ! Hello !!
My wife wanted to get LTC and we investigated several plans through several companies. The general consensus was that LTC premiums were geared to providing benefits for 3 years in a nursing home. It is EASY to outlive these benefits ! Then what ?!!
also, you have to be careful in dealing with insurance people. Sometimes they do not have your best interests at heart - they have their own - in the form of COMMISSIONS !! Many sell you a policy that will take care of THEM and pay the highest commission. I learned this one the hard way, too.
In the end, bottom line, BE CAREFUL.
This was a form of venting for me, and I feel better !