To retire or not retire?

ultrarunner · Friday at 7:09 PM

Can’t predict the future but so far no one on either side has gone into a nursing home or skilled nursing… a lot of this is having a mom that is a RN.

I have seen many times a parent go into a nursing home at 9 to 13k a month and the kids sell the family home which will pay for several years and when the money runs out it’s Medicaid.

Mom and Dad did look into Long Term Care and found the premium unaffordable…

A retired professor friend of my parents had thought everything was covered and during Covid the longterm care would only pay in a facility which was extremely difficult to find and once found the strict no visitor policy prohibited all visitors… the dad kept saying what have I done to be locked up here…?

My caution is know exactly what is and isn’t covered.

I’m glad that I was able to provide care for parents and grandparents in their homes…

ponytug · Friday at 8:33 PM

ultrarunner said:
Can’t predict the future but so far no one on either side has gone into a nursing home or skilled nursing… a lot of this is having a mom that is a RN.

I have seen many times a parent go into a nursing home at 9 to 13k a month and the kids sell the family home which will pay for several years and when the money runs out it’s Medicaid.

Mom and Dad did look into Long Term Care and found the premium unaffordable…

A retired professor friend of my parents had thought everything was covered and during Covid the longterm care would only pay in a facility which was extremely difficult to find and once found the strict no visitor policy prohibited all visitors… the dad kept saying what have I done to be locked up here…?

My caution is know exactly what is and isn’t covered.

I’m glad that I was able to provide care for parents and grandparents in their homes…

Yes, definitely read the fine print, and know that it can be altered as policy terms are updated.

Sticking to an independent LTC insurance option enables job switching and moving.

At the end of the day, it is insurance, which means the insurers are making money off of writing the policies, so the odds favor the house (actuarially speaking), unless you know something they don't. So again, the folks who need it most financially are the ones for whom it is a big financial bet.

All the best,

Peter