Today’s Smart Money Question:
(Click the featured times below to jump forward in the episode)
Here Are Just A Handful Of Things You’ll Learn:
We’re going back into the mailbag today and addressing some great questions that we’ve received. Should you cancel long-term care insurance? What about leasing a car? Today’s show is all about your financial questions. Let’s jump into it.
Question: Our long-term care premiums are going up this year and significantly. Should we pay the extra cost, or should we cancel it and take our chances?
I receive this question a lot. With a traditional long-term care policy, you pay a premium for that coverage. The company will pick up a daily benefit that you would receive in the event of a care event.
Some of the policies can be written differently. It can cost different amounts for skilled care, assisted living or home care. You can also add an inflationary factor.
So, should you pay extra or cancel the policy? If you’re going to pay for it, ask yourself: Can I afford it?
We don’t like to pay for these insurances, but it’s important to have in place. Make sure you understand the policy and the benefits.
Question: Should I buy a car or continue my lease?
First of all, don’t sell your car right now. You could probably get a good price, but if you need a car, you’ll probably struggle to find a good deal.
Many times, car dealerships will give you incentives to keep driving your lease.
Question: Will the Social Security Cost of Living Adjustment affect me if I’m not receiving benefits yet?
The final thing we talk about in this episode is Social Security’s recent announcement about the COLA increase, which will be the highest in decades. We’ve had a lot of people reach out since the news came out and asked us about how it affects them personally. The main thing to know is that if you aren’t receiving your SS benefits yet, then this won’t impact you.
Listen to the full episode or use the timestamps below to jump to a specific section.
2:54 – Long-term care
11:05 – Car lease
15:37 – Social Security
“Make sure you understand the [long-term care insurance] policy and the benefits.“
-Matt Hausman
Additional Podcast Episodes:
- Paying off a Mortgage, Emergency Funds and Surviving Spouse
- Q&A – Starting a Business and Dave Ramey’s Advice
- What to Know About Accumulation vs Decumulation
Do You Have A Smart Money Question?
Ask Matt your smart money question. Click here.
More From Matt:
The host: Matt Hausman – Contact – Resources – Call: 610-719-3003
