Long term care insurance.

[boston95]

What do you guys/gals know about long term care insurance? Here's my situation.....my wonderful father recently retired from the government. My mom was always a stay at home mom. They are in their early sixties. My dad never got into the investment game and is pretty much relying on his pension and SS to generate cash flow.

What kind of benefits can I expect when they can no longer take care of themselves? How do most people pay for nice assisted living centers? I'm afraid my parents have zero investments aside from their home.

Should I consider some kind of insurance plan??

Thanks guys.

[Scooter]

Long term care insurance is a great idea. I am not in insurance, but I do work with the elderly. Those that have it are much, much better off. Given today's mortality rate and that fact that alzheimers/dementia is a real possibility, I really don't think you can go wrong with long term care insurance. Your parents sound like they are still in a good range for affordability. Mid 50's is the best time to purchase.

[adamred]

People without the insurance and without massive savings have to basically liquidate everything and pay for the LTC until their money runs out, then the govt. takes over the bill.

If you have decent $$ in the bank and haven't taken an LTC policy out, many older folks start gifting their money out over a period of several years so that by the time they need to go into an LTC facility the govt pays the bills that way their kids/grandkids still have some sort of inheritance...Getting olds suxs....Just went through this with my grandmother a few years ago and currently with my wife's grandmother now (only she'd rather die at home and will not go into a LTC)

Adam