Morning Toni,
I am retiring in June when I turn 70 and my wife, Bonnie, will be 68. Our Medicare issue is that recently we applied for a long-term care plan and were both denied due to our simple health issues.
I had my prostate removed due to cancer about five years ago with no current issues, and Bonnie has atrial fibrillation, which is under control. The agent who helped us search for the insurance plan said that people over 60 find it difficult to be accepted by a long-term care insurance plan.
Our concern is that my brothers and I are paying about $9,000 a month to an Alzheimer’s facility for our father’s care. Because our contribution to my father’s rate of $9,000 per month will drain our retirement, can you please explain other long-term care options that Bonnie and I can explore? We do not have a plan in place should we need extra financial help since we were not approved for a long-term care policy. Thanks, Toni.
— Peter from Tulsa, Oklahoma