Honored Advisor
Posts: 11,091
Registered: ‎05-13-2010

Re: Self directed long term care

If you are talking about a health savings account, that is not the answer to LTC, I think.  It is meant to cover deductible expenses under a matching high-deductible HSA health insurance plan.  That contribution at age 56 ( we turn 56 this year together, too) is $7,150. 

That money, if not spent, does stay in the account, drawing a small interest rate (as all savings seem to do now). you do have optiosn to take funds out to invest in alternative ways, if you've exceeded a certain balance, which used ro be five or seven thousand, i can't remember.  The main advantage is that you pay deductible health costss out of pre-tax dollars, instead of your of your after-tax income. 

You could NEVER amass enough money in an HSA to cover a long stay in skilled nursing care. 

I am not sure if HSAs will survive under Obamacare. 

Our insurance agent has been making noises about LTC insurance for a couple of years now. I am not biting yet.  For now, I am concentrating on a coupoel fo otehr avenues for making our senior years better. 

One, this summer,  I have been studying informally on "aging  in place."  Any changes se make on our home now are directed towards making this a safer adn more comfortable spot for two old people. 

Mike is very healthy, and I try to take really good care of him.  I've fought to regain a lot of squandered health assets.  I think a lot of care needs can be avoided, or at least greatly delayed,  if you actively work on your health - diet and exercise. 

I am starting nursing school to gain RN skills in three weeks.  My main driving decider in this choice was to be better able to advocate for the two of us, and to know when it's time to do what.  My family has a history of either living long and independently, or dying very young and suddenly.  Mike's mom is 96 today, and may outlive us all.  It is a bit hard to plan for our own elder years, while still funding hers to a fairly good extent each month.  We will deal with it in due time.