I think I need to get Long Term health care for my husband. His health seems to be declining and he is a smoker. I need to be prepared to take care of him in the future. I need to have enough money saved to pay for his health care, and find good affordable insurance.
Before anyone says it, I know it would be better if he quit smoking, but I can't force him to do it. He tried to do it for me once, but he wasn't able to do it.
He is also a veteran, are there any veteran program for paying for nursing home care.
There is this to consider with long term care insurance, also, other than its high monthly cost.
It can SOMETIMES not be a good thing when you are in need of going onto governmental assistance. Take this sort of made up example:
John is 40 years old.
He just can't save much: to many obligations. BUT he works for a great company, his job is safe, and he will retire with a pension to add to social security.
So John decides he will now invest in a long term care insurance policy.
Now comes the sad news that John, at 65, has early onset Alzheimer's Disease. He is retired and he has his good social security. And he has the wonderful long term care insurance. But he just doesn't have much else. A car and an apartment. And John needs memory care.
So the family looks around and find care at a nearby facility.
But John has 2,500 for SS, 2,000 from pension, and 2,000 from LTC policy.
So John makes way too much to qualify for any Medicaid help.
BUT
John doens't make enough for the 15,000 a month LTC facility.
John's family now has to go to see about Miller Trusts and QIT because John is monthly asset rich, but real assets poor. Has no home to sell. No million dollars sitting in accounts.
These questions, what to do about aging, about savings, about anything in the realm are so complicated. It is good if you can get a financial advisor or an hour of time with an elder law care attorney with some basic questions. You sit down with your spouse if you have one and go through your assets, your pensions, your SS at retirement, and you make decisions.
For LTC insurance, waiting until age is creeping in, is already too late to consider some things. Do research online "Long Term Care Insurance: Pros and Cons." You will come up with more questions than answers, likely, but that's the way of things.
Good luck.
I am glad to hear of the VA access. Another good thing to begin to research now in terms of benefits.
If you have no assets, there is always Medicaid.
I chose to not buy one.
https://www.nerdwallet.com/article/insurance/long-term-care-insurance
Also check out this financial forum:
www.bogleheads.org