#060: Should You Buy Long-Term Care Insurance?
Big Picture Retirement®
Devin Carroll
4.7 • 546 Ratings
🗓️ 19 February 2018
⏱️ 40 minutes
🧾️ Download transcript
Summary
Should I buy long-term care insurance? Should I keep the long-term care insurance I already have? These are important questions, and there are no easy answers. Long-term care is expensive, but long-term care insurance is also expensive. When you start looking at some of the statistics, it can get scary. But thankfully, the statistics don't show the whole picture. Once you consider all the issues and factors, the big question is managing the risk of needing financial assistance with long-term care vs. how much it is going to cost to manage the risk. There are three ways to pay for long-term care: 1) Self-funding through personal assets 2) Through access to government benefits, either VA benefits or Medicaid 3) Long-term care insurance For more information, visit the show notes at http://www.bigpictureretirement.net/060
Transcript
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| 0:00.0 | The Big Picture Retirement Show does not provide specific tax, legal, or financial advice. |
| 0:05.1 | Listeners are encouraged to seek out their own advisors in these areas. |
| 0:12.8 | Hello everyone and welcome to the Big Picture Retirement Show, |
| 0:15.7 | where we deliver inside on what you need to know for a meaningful and successful retirement. |
| 0:21.0 | If you are planning for or living in retirement, this is the show for you. |
| 0:25.3 | I'm Devin and with me, as he always is, my faithful and loyal co-host. |
| 0:30.8 | John Rock. |
| 0:31.2 | Howdy! |
| 0:33.3 | John, one of the questions that we are asked all the time is what provision should I make to pay for my long-term care? |
| 0:40.3 | How do I plan around that? |
| 0:41.8 | Right. I get long-term care insurance questions, for example, on a pretty regular basis. |
| 0:47.3 | They come in several forms. Should I get long-term care insurance? |
| 0:51.9 | If I'm talking to somebody who's around |
| 0:54.6 | retirement age, that's usually when that question starts popping up, maybe in the context of |
| 0:59.4 | somebody who I have just helped get a parent on Medicaid benefits or something, and it's been |
| 1:06.2 | quite a struggle, and maybe there's been significant asset loss during that process. And so it's the younger |
| 1:11.7 | kids that are asking the question. And then the one that I have been getting more recently |
| 1:16.9 | is, John, should I keep this policy? Oh, yeah. And these are my older clients, you know, |
| 1:23.1 | who are well past the age where they could qualify for a policy if they were trying to buy new, but they have it in place. They're trying to figure out should they even keep it. Yeah. And so in all of this, there's lots of factors to it. And I think probably the thing to be aware of is kind of the history of all of this, you know, kind of to start out. And it's interesting, I'll kind of tell a |
| 1:44.2 | story. And this actually comes from a speech I heard by an elder law attorney up in Seattle, |
| 1:48.9 | a guy named Rajiv Nagayev. And Rajiv is a native of India. And he, of course, moved to the |
| 1:56.6 | United States, ended up going to law school and ended up marrying an American woman. |
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