Whats an average price for house insurance?

[annerk]

Originally Posted by Rabflmom

Like I said.....you can be financially fine with all the insurances but life can throw you a whammy that puts you in financial jeopardy.
My brother was doing just fine, had a small house not more than they could afford on his salary. BTW I never said they were living on his salary alone. My SIL also worked as a paramedic through the hospital and then found 2 other jobs to help pay what all those insurances did not pay.

I don't know about long term disability now, but when I had it and when he had it, it only paid when the worker was out of work for more than 7 days and did not cover when a child was sick and the parent needed to be with them in the hospital or getting them to doctors etc.. Maybe that has changed now.

If they were living on one income, they should have had substantial savings. Only I e parent needs the time off f
To take the child to the doctor, etc. I'm not saying it's easy, but MNy people go through this without losing homes or being In financial ruin.

Another case .....when you get old and possibly have a stroke and become paralyzed and have to be in a nursing home how will you pay? That insurance is very expensive so most normal employees can't afford it or don't think that far in advance. This happened to my sister. At the age of 60 she had a stroke.(runs in the family) Was in a nursing home for 5 years paying $4000 a month for therapy care. Her husband broke his hip and had a heart attack in the hospital waiting for surgery the next day. So he ended up in same nursing home at $4000 a month . When they improved enough, they had the family close up their house and move them closer to family. They hired a live in nurse and bought a small 2 bedroom house with cash. They spent another $50,000 fixing it up to be wheel chair friendly. They both had pensions, free health insurance through the union, and got social security, too. They were able to live that way for 5 years which was cheaper than the nursing home. Then my sis kept falling and couldn't handle it with just a nurse any more and needed more care so we placed her back in a nursing home. That was back in 2003. We had to put her husband in again when he fell again and could not make it alone. Nursing home prices went up and it was almost $10,000 a month for both of them to be there. We sold their homes, they went through the money he inherited from his dad, all their stocks, bonds, and CDs. He died a couple years ago, but my sister is still in a nursing home with the pension and medicaid paying for her care now . Unfortunately care is not always as good as when you pay yourself and you can use that to get staff motivated. What a sad way for a woman to spend her last years. They were not poor or living beyond their means, though maybe they shouldn't have donated so much to politicians in Washington over the years that they were actually invited to stay at the White House once.

That's what LTC insurance is for. This is not the same as disability. Savings should pay for modifications to the home, although when we built ours, we did so with the mindset of living in it forever, so doors are wide enough for wheelchairs, it's single story, and there are two showers which can be converted to roll in for under $500 each. In fact total cost of renovations to make our entire home accessible is under $2000, we know this as we recently looked I to it, as my mother might come to live with us sometime I the next few years.

This is why we are planning in having $2M plus In retirement savings and putting most I to a family trust to it can be used for our care but not touched by the government.


Autocorrect responsible for most typos...