Do I Really Need Long-Term Care Insurance?
Subscribe and never miss a new highlight from The Ramsey Show: https://www.youtube.com/c/TheRamseyShow?sub_confirmation=1
Want a plan for your money? Find out where to start: https://bit.ly/3cEP4n6
Did you miss the latest Ramsey Show episode? Don’t worry—we’ve got you covered! Get all the highlights you missed plus some of the best moments from the show. Watch entertaining calls, Dave Rants, guest interviews, and more!
Watch and subscribe to all The Ramsey Network shows here: https://www.youtube.com/c/TheRamseyShow/channels?view=49&shelf_id=5
Video Rating: / 5
There's a lot of certainty in all these statements when talking about a product that protects you against uncertainty. You don't have fire insurance because you plan on your house burning down. Financial plans tend to work great in a vacuum. Sure, if you invest your money and get exactly a 10% return every year it will double in 7.2 years and you will be able to pay for LTC costs out of pocket. But what happens if your spouse is diagnosed with early onset dementia or you are disabled and need LTC for 10 years? These aren't 1 in a million scenarios, they happen more frequently than you would expect. Most people that buy LTC insurance have experienced first hand with their parents or a loved one and seen how it affects their overall estate.
On a side note, I'm a big fan of Ramsey. I just think he uses averages a little too often in this crazy world we live in!
I contacted one of the Ramsey endorsed LTC brokers. Very nice laid back guy. The cost was way over the top on affordability, versus my assets of just paying at the time. Would be better to throw that money into a mutual fund or other investment dedicated to cover some of that cost.
Or just do what Ill do, when you get to the point you need long term care simply opt out and end it.
Great!
Well the insurance companies are running things in the USA. Ain't capitalism grand?
If you are a Veteran, check on your benefits before you buy LTC insurance. For some Veterans, nursing home care is covered at a cost of 100/day, or 3k per month max, depending on your income .
Keep in mind the numbers Dave is using is in todays dollars, not dollars 20 years from now when this couple needs it. Also that’s $100k you need is after tax, so really it’s $130k-$150k before tax once again in todays dollars. So now your social security is getting taxed more and your Medicare premiums are increased. Even if you could afford to self insure, why not buy a policy when it could save you a ton of money.
This is why getting citizenship in a country with less of a healthcare burden is something to look into. The USA allows for dual citizenship. It is crazy to me to know that one could be diligent and still go bankrupt at the end of their life due to medical expenses. I'm neither a Democrat nor a Republican but I would rather have my tax dollars subsidize universal healthcare than many of the other wasteful programs we have in this country
can also move to another country where your dollar lasts
They finally admitted the truth about net worth. Its all about your investment portfolio amount, real estate means nothing if its not giving you cash flow.
Jesus loves you he died on the cross for your sins. Believe in him and you will be saved and go to heaven!
What is a "good mutual fund" please?
Older people should not be in debt. Debt is for the healthy young just getting into the workforce. If you are struggling to pay off debt due to greed, you deserve going bankrupt and losing everything.
Don't sleep on it…this is a time to invest I recently just bought another property valued at over $10m. I wish I knew the right investment firm to invest with earlier, better late than never thought.
Does it depend on what state you are in? How much your net worth is?
Of course there are problems specific to being married and worried about something happening to your spouse.
Seriously, on the information here, you should very likely buy LTC insurance. It’s so important to not blowing up your financial plan and/or inheritance for those you leave behind.
Hi, I live in Canada. Can you tell me the name of a good life insurance Company in Ontario Canada 🇨🇦.
Dave’s wife reminds me of Mrs Columbo…we never get to see her!
I will forever be indebted to you i was able to build a big inconme stream investing with Mrs Natalia Watson, you've changed my life, Thanks so much.
Dr john is the best. Love him on the show!