Robert Brokamp

speaker

4,580 appearances 41 recordings 3 series first heard Oct 2025 last heard 2d ago

Robert Brokamp’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 41 in all, peaking in Sep 2026 with 5.

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Motley Fool Hidden Gems Investing · Insurance-palooza! All You Need to Know to Protect Your Income and Wealth · 1 Aug 2026 podcast

Plus, as you said, Amanda, it's pretty affordable, so definitely good enough to cover the assets you could lose in a lawsuit. matched

Now we're going to come to the final type of insurance that we will discuss, which is long-term care insurance. matched

And around two-thirds of people over the age of 65 will need some form of long-term care. matched

It's usually provided by family members, but if you have to pay for it, it can cost between $50,000 and $150,000 a year. matched

And on average, it's needed for about three years, though for around 20% of people, it's needed for five years or longer. matched

So, you know, people who have saved enough might choose to plan to cover these costs with the assets they've accumulated. matched

But another option is long-term care insurance. matched

So Amanda, what's your take on when this type of insurance makes sense? matched

Yeah, you mentioned Medicaid, which is the joint state federal program for low-income citizens. matched

And it's actually the number one payer of long-term care expenses in America. matched

But you have to dwindle down your assets to become eligible, and you may not have much say in the type of care you receive. matched

Medicare, which is the health insurance program for folks 65 and older, provides very little in terms of long-term care coverage. matched

So everyone really should have a plan for how these costs will be covered. matched

If you go the self-insured route, you may want to set aside a percentage of your retirement portfolio, say maybe 5%, 10%, that you only touch if you have a big-ticket unexpected expense, such as long-term care. matched

And you might, if you're willing, include your home equity as part of that if you're open to either selling your home or getting a reverse mortgage as a way to pay for long-term care. matched

All right, so we've covered the major types of insurance. matched

The next question is how to buy it. matched

So Amanda, do you think people can do most of this on their own or are they better off getting help from a professional, whether it's a financial planner or maybe an insurance professional? matched

Yeah, I agree with all that. matched

You know, the more complicated the type of insurance you need, or maybe the more complicated your situation, maybe you're looking for a long-term care insurance or life insurance, but you have some pre-existing health issues, the more you're going to benefit from working with a professional. matched

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