After my Uncle's burial this weekend I had a chance to have a long talk with his wife. She explained to me that over the last four years it had been very difficult for her financially due to the cost of care giving that he required. It seems that initially he was in a nursing home for the first two years of his care then, due to the exorbitant cost of the nursing home she had to bring him home. But, by then the damage had been done and most of their life savings was gone.
What I learned from our conversations was that caring for a family member or friend can be a stressful and challenging event, one that can affect the emotional, physical, and financial well-being of caregivers.
After our conversation all I could think about was what I could to avoid a similar situation with my parents since they are getting older. Additionally, what I could do to avoid a similar problem for my wife and I.
Does anyone know of an inexpensive long-term care insurance for persons over 70?
My son and I co-own an insurance agency in Nevada. There are a number of good LTC policies but as far as inexpensive for people over 70, I'd have to know what you mean by inexpensive. Insurance is a product that is cheap for the young and pricey for the old and most people don't bother with it until they need it, which is usually too late.
