Ask Terry Questions Long Term Care at age 73

Long Term Care at age 73

By Terry Savage on December 31, 2014 | Financial Planning / Retirement

I am a 73 year old active female. I keep busy and love to travel. Should I buy Long Term Care Insurance? I am healthy but don’t know what the future will bring. I checked into the insurance and it will cost me about $9,000 a year. I have about $500,000 in investments. Is it worth the money at my age? I want to live comfortably in a nursing home, when ever that happens, but don’t need the very best facility.

Terry Says:  Honestly, I don’t think a basic policy should cost that much — $300/day, plus simple inflation for 2-3 years.  Call MAGA, the long term care specialists at 8800-388-2227 to get a quote.   I don’t know if you have family who would help take care of you, but if you are single there’s another advantage to having LTC insurance — A good company will actually help you choose a home, and make the payments, lifting some of the responsibility at a time when you are not able to handle things.  But I recommend that you also find a friend to handle your healthcare power of attorney, and give your physician a copy of not only this power, but your “living will” (your instructions for end of life care).

This is a bit overwhelming at only age 73 — but I’m superstitious. I believe that if you have everything organized and planned, you won’t be tempting fate!

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