Return to Transcripts main page
American Morning
Minding Your Business: Caring for an Aging Generation
Aired April 29, 2003 - 07:53 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
BILL HEMMER, CNN ANCHOR: Today's economy has families undergoing a bit of a role reversal. Instead of children getting financial help from the parents, it can often be the other way around.
So, today, we ask the question: Can you help your mom and dad without cutting into your investments and putting off your own retirement?
CNNfn's Gerri Willis with "SmartMoney" magazine is "Minding Your Business" today, in for Andy Serwer all week.
Nice to see you.
GERRI WILLIS, "SMARTMONEY" MAGAZINE: Good to be here.
HEMMER: And if my mom and dad are watching, they're really happy to see this segment.
WILLIS: Yes, they'll love you if you do what I say.
HEMMER: I'm telling you.
WILLIS: Exactly, exactly.
HEMMER: Tell us what should we do?
WILLIS: Well, you know, health care costs through the roof. I don't have to tell you prescription drugs up 15 percent a year.
Look, if you're going to put your parents in a nursing home, it's going to cost you $60,000 a year, $40 an hour for a home health care aide. So you've got to do something, and the answer is this long-term health care insurance. It's going to be the thing that makes a difference, and with just a little bit of planning you cannot bankrupt yourself.
DARYN KAGAN, CNN ANCHOR: And so, when do you do that planning? When do you know to buy that kind of insurance for your parents?
WILLIS: The best time to buy that insurance is when they're between 55 and 59. That's when the prices on this insurance are the best. You wait longer, you pay more. The average cost is $1,500 a year. If you're buying it for yourself, don't pay any more than 7 percent of your income.
HEMMER: I missed it by three years. A swing and a miss. Mom and dad would say it's not too late, though, of course. KAGAN: Yes, you're on your own.
HEMMER: I'm telling you.
Quickly, a pretty good day yesterday on Wall Street?
WILLIS: You bet. We had a great, big rally. Two percent on the Dow Industrials. It was fueled by, you know, a couple of good earnings reports that we had. But look, today, it's not looking so good, so keep an eye on the market.
HEMMER: That we will.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com.
Aired April 29, 2003 - 07:53 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
BILL HEMMER, CNN ANCHOR: Today's economy has families undergoing a bit of a role reversal. Instead of children getting financial help from the parents, it can often be the other way around.
So, today, we ask the question: Can you help your mom and dad without cutting into your investments and putting off your own retirement?
CNNfn's Gerri Willis with "SmartMoney" magazine is "Minding Your Business" today, in for Andy Serwer all week.
Nice to see you.
GERRI WILLIS, "SMARTMONEY" MAGAZINE: Good to be here.
HEMMER: And if my mom and dad are watching, they're really happy to see this segment.
WILLIS: Yes, they'll love you if you do what I say.
HEMMER: I'm telling you.
WILLIS: Exactly, exactly.
HEMMER: Tell us what should we do?
WILLIS: Well, you know, health care costs through the roof. I don't have to tell you prescription drugs up 15 percent a year.
Look, if you're going to put your parents in a nursing home, it's going to cost you $60,000 a year, $40 an hour for a home health care aide. So you've got to do something, and the answer is this long-term health care insurance. It's going to be the thing that makes a difference, and with just a little bit of planning you cannot bankrupt yourself.
DARYN KAGAN, CNN ANCHOR: And so, when do you do that planning? When do you know to buy that kind of insurance for your parents?
WILLIS: The best time to buy that insurance is when they're between 55 and 59. That's when the prices on this insurance are the best. You wait longer, you pay more. The average cost is $1,500 a year. If you're buying it for yourself, don't pay any more than 7 percent of your income.
HEMMER: I missed it by three years. A swing and a miss. Mom and dad would say it's not too late, though, of course. KAGAN: Yes, you're on your own.
HEMMER: I'm telling you.
Quickly, a pretty good day yesterday on Wall Street?
WILLIS: You bet. We had a great, big rally. Two percent on the Dow Industrials. It was fueled by, you know, a couple of good earnings reports that we had. But look, today, it's not looking so good, so keep an eye on the market.
HEMMER: That we will.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com.
