In which one of your books can I find information on long term care insurance? And do you have recommendations. I remember you did at one time but at that time I didn’t need it and I am in my mid-50’s and I want to look into this.
SAVAGE SAYS: I have been recommending Long Term Care Insurance for many years — and practice what I preach. The huge and unexpected costs of long term custodial care, which are not covered by Medicare or supplements, could destroy your retirement planning.
Sadly, the insurance companies that offered these policies have recently realized that they hadn’t planned on how many people actually use them!? So they have been raising premiums. Still,? I believe that even if you have a small amount of insurance — say $200/day for 3 years — you will be able to buy your way into one of the better facilities. As boomers run out of money and need care, the only other available option will be nursing home that accept state Medicaid benefits — not likely to be your choice for your final years!? A LTC policy will give you the choice of? home health care or assisted living — far better choices.
You need an expert in this field to guide you. I always recommend MAGA LTC — 800-388-2227. That’s all they do — advise on LTC insurance. You can mention my name, but not necessary as I don’t get anything out of this!? I just want you to be in good hands!