Specialist, LTCi, DI, Annuities, Life, Designs In Life, LLC, Utah
Yes, Suze Orman recommends long-term care insurance. In fact, she is the primary caregiver for her mother who lives with her in Florida.
In an article written for Sun Times Media, LLC, dated Sept. 4, 2012, she relates how difficult it has been taking care of her mother. Although Suze Orman had - and still has - the means from her business to take care of the costs of long-term care insurance, she reports that she tried and tried to get her mother to sign off on an LTCi application, but she refused to do it. Her mother said she wouldn't ever need it and that it would be a waste of money.
It costs approximately $25,000/month for Suze to keep her mother at home and have the best quality care around the clock. That's about average for 24/7 home care with skilled nursing. If Suze's mom were to go into a Nursing Facility, the cost would be much less, but would still be from $7,000 - $12,000 per month, depending on whether she had a semi-private or private room.
Suze indicated that as a young professional financial advisor, she saw "clients who would spend all the money that they had earned over a lifetime on a long-term care stay."
She advised that, "If you can afford LTC insurance and you are in your early 50s or older, now is the time to look into getting it." But, she also cautions that if you can't, "...don’t buy it because you will end up dropping it and wasting your money."
She concludes her article with the irony of her own personal situation with regard to buying long-term care insurance.
"Over the years, I have had some health problems that are fine today. But, when I went to get my own LTC insurance policy two years ago I was denied for recent health reasons. If I had just gone one year earlier, that would not have been the case."
(Suze Orman donated her fee for writing the article to Blue Planet Network, which aims to bring sustainable safe drinking water to people in rural communities around the world; blueplanetnetwork.org.)
.JPG){kind=avatar}
In an article written for Sun Times Media, LLC, dated Sept. 4, 2012, she relates how difficult it has been taking care of her mother. Although Suze Orman had - and still has - the means from her business to take care of the costs of long-term care insurance, she reports that she tried and tried to get her mother to sign off on an LTCi application, but she refused to do it. Her mother said she wouldn't ever need it and that it would be a waste of money.
It costs approximately $25,000/month for Suze to keep her mother at home and have the best quality care around the clock. That's about average for 24/7 home care with skilled nursing. If Suze's mom were to go into a Nursing Facility, the cost would be much less, but would still be from $7,000 - $12,000 per month, depending on whether she had a semi-private or private room.
Suze indicated that as a young professional financial advisor, she saw "clients who would spend all the money that they had earned over a lifetime on a long-term care stay."
She advised that, "If you can afford LTC insurance and you are in your early 50s or older, now is the time to look into getting it." But, she also cautions that if you can't, "...don’t buy it because you will end up dropping it and wasting your money."
She concludes her article with the irony of her own personal situation with regard to buying long-term care insurance.
"Over the years, I have had some health problems that are fine today. But, when I went to get my own LTC insurance policy two years ago I was denied for recent health reasons. If I had just gone one year earlier, that would not have been the case."
(Suze Orman donated her fee for writing the article to Blue Planet Network, which aims to bring sustainable safe drinking water to people in rural communities around the world; blueplanetnetwork.org.)