Ep. 415: So, We Need Long-Term Care Insurance Now, Too?

We want to answer your questions about money. Email us and you may hear yours on the air: askpete@petetheplanner.com

This week on the Pete the Planner Show, Pete and Damian adjust the levels and the recording day to recognize the new Federal Holiday: Juneteenth!

Remember: In the first six months of 2021, we’re going to make over five families’ financial lives, LIVE on the air! WE’RE GIVING AWAY FIVE FREE HEY MONEY, MEMBERSHIPS to walk with them across six months telling their stories about their struggles in personal finances. Check us out!

No time to listen?  Here’s a preview of what happened and when:

Show Notes:

MAILBAG QUESTION 1: [2:25]

  • “I’m interested in your thoughts on when to start buying long-term care insurance? My financial planner has encouraged my husband and I to buy LTC insurance. I just turned 51 and he is 48. The price wend up significantly when I turned 50. We’re both pretty healthy, but my husband is a tall guy with regular back and knee issues. For me to care for him if his health declines would be no joke. I don’t want to blow my entire retirement savings on care. For both of us, the cost is about $10k per year, including inflation protection and benefit. The quality and cost of LTC is a great concern to me, but my husband thinks it is too soon to start buying this insurance. What do you think?

    • PETE: Some call this “Nursing Home Insurance” or “Assisted Living Insurance”
    • There’s traditional LTC insurance & there’s a newer, asset-based LTC insurance
    • DAMIAN: 50 years old is probably a bit early. 60 years old is about the right time. But examine this based on your personal situation
    • PETE: LTC Insurance is medically under-written so personal history does factor into the costs

There’s just too much not to miss! There might be something you can think about.  — click PLAY below for the full show.


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