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A financial advisor told me to skip long-term care insurance and I'm paying for it now
Back in 2019 my buddy Mark who's a 'planner' said I didn't need LTC insurance because my savings were enough. Fast forward to last month when my 78 year old mom fell and broke her hip. She needs around the clock help now and her Medicare only covers 28 days of skilled nursing. After 90 days of paying $7,500 a month out of pocket for aides I'm tapped out. Has anyone else had a professional give them bad advice that cost them big?
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zara_sanchez6d ago
Totally agree with Tess. The real bad advice was just not telling you how fast that money would burn through.
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tessaperry6d ago
I actually see it the other way. Your buddy told you that you had enough savings to self-insure, and honestly for a lot of people that's the right call if you've got the money. LTC insurance is crazy expensive and the policies are getting worse every year with higher premiums and more limits. The real issue here is that $7,500 a month wiped out your savings way faster than you planned, which sucks. But the math on LTC insurance for most people doesn't work out because you might pay premiums for 20 years and never need it. Maybe the bad advice was more about underestimating how much care actually costs, not about skipping the insurance itself.
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