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JanelleRPA, Physician Assistant
Category: Health
Satisfied Customers: 322
Experience:  25 + years of experience in family practice, internal medicine and family planning
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Is there an alternative to purchasing term heath care Ins,If

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is there an alternative to purchasing long term heath care Ins,If so what do I have to do? I have an annunity of about 75,000

Dear Goldenangel,

I want to be sure that I understand your question. Are you asking if there is an alternative to buying the kind of insurance that pays for skilled nursing care in a nursing home or assisted living facility? If so, one alternative that occurs to me is a reverse mortgage. A reverse mortgage enables people to remain in their homes and receive payments on the equity in their house. Such an arrangement would allow you to hire home health aides and private duty nurses. Following this message there is a link to a website that discusses the pros and cons of reverse mortages. I hope this guidance has been helpful. Best wishes, JanelleRPAC

JanelleRPA and 2 other Health Specialists are ready to help you
Customer: replied 9 years ago.
We already have done reverse mortgage,and had to pay into it because we had a home equity loan in conjuntion with the unpaid portion of our mortgage. That leaves us with a combined monthly incom of $5,000. However there are regular monthly bills and with a lLTC ins. payment it get to be costly. What about putting assest in one of our children or grand childrens names.How would this work?

Hello again,

I really can't advise you about putting your assets in your children's or grandchildren's name. I'm a health expert, not a legal expert. I saw your question among the health experts' questions and thought a reverse mortgage might be an option. My own mother is struggling with these issues - how to stay in her home as her health deteriorates. A legal expert should be able to answer your question about your assets. Very best wishes, JanelleRPAC