Rick Edelman, Pittsburgh, Kate discussed on Ric Edelman

Automatic TRANSCRIPT

Welcome back to the Rick Edelman show. We're taking telephone calls here on the program. Triple eight plan RIC. That's the number dialed up. She's in Pittsburgh, welcome to the program. Kate, how are you? Very good. You very well. Thank you. How can I help? Well, I'm single no kids. My house is paid off. I'm retiring in tweet a five years, and I have an ad. I'll have an adequate for a one K, I'm currently healthy. But I know that won't always be the case and wanted to get your thoughts about purchasing long term care insurance. Okay. So no, kids any other dependence. Anybody financially dependent on you know? Okay. So here's the the broad conversation of long-term care. I'll give you the short answer. I don't think you need the coverage. But let me elaborate as to why. Long term care is one of the leading causes of poverty. Among retirees of the numbers of really horrific. It's roughly one to Americans over the age of sixty five will incur long-term care services. At some point the national average is about one hundred thousand dollars a year. This cost is not covered by health insurance. It's not covered by Medicare. It's not covered by social security. Meaning that if you do need the cost of care, you're going to pay for it yourself out of pocket, and this is why so many people go broke because you know, it's an eight thousand dollar per month expense, and if you're married, this is an addition to the expenses, you already have because if one of you goes into the nursing home the other of you is still living at home in the community incurring the normal expenses. So this is what drives married couples into poverty, in many cases because of this. But singles are a little. Different especially singles with no kids much simpler much easier because you're not worried about providing financial support to the community spouse..

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