Taking Care Of My Elderly Mom
Donna has some insurance questions for Dave, including life insurance and long term care.
QUESTION: Donna is 43 and her 83-year-old mom lives with her. What insurance does she need to pay the house off and take care of her mom?
ANSWER: Insurance doesn’t pay your home off. And you can’t reasonably buy life insurance for an 83-year-old. What does help you take care of her is Medicare and Medicaid in place. If she can still get it, I recommend long term care insurance in case she reaches a point that you can’t care for her in the house anymore.