Suze Orman – Long Term Care Insurance – Oprah Winfrey Network
Suze Orman shares her personal experience of expensive around the clock care she funds for her mother.
“Along with the pros of retirement (all that free time) comes one big con: the possibility that you’ll outlive your assets and be unable to afford nursing home or at-home care if you require it. That’s where long-term care (LTC) insurance, which you purchase in addition to your regular health insurance, comes into play. It kicks in if you’re unable to perform basic daily activities by yourself. (Medicare usually doesn’t adequately accommodate your needs.)” – Suze Orman – From the October 2005 issue of O, The Oprah Magazine
“Because healthcare costs are rising at an alarming rate, you’ll also benefit from choosing “inflation protection,” whereby your policy increases your benefit payout by a compounded 5 percent annually. And because the average stay in a nursing home is less than three years, you should choose at least a four-year benefit period that also covers at-home care.” – Suze Orman – From the October 2005 issue of O, The Oprah Magazine
