Needing Long Term Care
Darren's parents ABSOLUTELY need long-term care insurance, as do all people over 60.
QUESTION: Darren asks if his parents, who are debt free, have $1,000 left over at the end of each month and have $170,000 in assets, need long-term care insurance.
ANSWER: Absolutely they do! Everyone 60 or older needs long term care insurance because a nursing home stay can cost about $50,000 a year, which will crack and scramble a nest egg in a heartbeat. If dad goes into a home, and uses up all the money, your mom could live for years without any money to eat. Get long-term care insurance if you’re 60 years old or older.