Honestly, with no children or need/desire to leave significant assets as an inheritance, it wouldn't be a huge issue to not set aside significant assets specifically for this. In the event you spend down your money you'll go on Medicaid. Around here there really aren't 'nice' facilities and 'Medicaid' facilities as everywhere has to accept Medicaid to fill beds and survive - could be different in more populated areas. Even if there are differences in facilities, you'll already be in a 'nice' facility from when you had LTCI and assets and you probably won't get kicked to the curb if those run out and you do have to flip to Medicaid.I think aside from the LTCI and the $400,000 in dedicated investable assets, I think in our later 70s it would make sense to find a CCRC and use some of the proceeds from the sale of our home to buy a contract to help as well. Our policy covers about up to 50-hours a week of a home health aide at today’s costs. As others have said, this is a more likely need, but one tries to cover some degree of worst case scenario. Once you pass about 80-hours/week you are at parity with a skilled nursing home in terms of costs.
We have no children to assist us and little bequest motive for legacy so planning for LTC is important to us.
Statistics: Posted by Onlineid3089 — Wed Feb 21, 2024 3:10 pm — Replies 28 — Views 2598