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What Readers Say About Long Term Care Insurance

Saturday, January 4, 2014 - 4:59 PM
Long Term Care Insurance?

     "Some swear by their long-term-care insurance policy. Others swear at
      it.  There is no middle ground."

Read more:
7
cumuluscumulus297 posts since
Jan 16, 2010
Rep Points: 1,374
1. Sunday, January 5, 2014 - 8:56 AM
You do the best you can to research the track records of the companies that still issue LTC policies. Other than that, you will only really find out if, and when, you have to put that policy into force.
8
ShorebreakShorebreak2,381 posts since
Apr 6, 2010
Rep Points: 12,717
2. Sunday, January 5, 2014 - 12:42 PM
We did not have long term care insurance. I was in good health and was able to care for my husband for the last 5 years when he needed around the clock care. I would not have wanted 
him in a nursing home. I would not have wanted it any other way. I know that everyone is not capable of doing this. 

For myself, I think that I will have enough with SS, IRA RMD's, my pension, savings and sale of the house to pay for everything that is needed. Usually people are in nursing homes more no than 3 years but of course there are many exceptions. I have told my children, I, under no circumstances want to move in with them. They have their own lives to lead and I want them to do it. They can visit. I have made my healthcare divisions for end of life and what I want done in many situations. Both hospitals in town, my doctor and my children have a dated copy. If you want things done your way than get it done. 

We can only plan and hope for the best. Make a decision, let family members know what your decisions are and stick with it. Worry can make you sick. 
4
AllyAlly786 posts since
Jan 16, 2010
Rep Points: 2,283
3. Tuesday, January 7, 2014 - 8:49 AM
Unfortunately, what I want done at the end days of my life is not legal "yet" in this country.  That is why thousands of the elderly are doomed to suffer and cry out their last years in nursing homes without visitors.  Next life I want to come back as an animal!
4
paoli2paoli21,149 posts since
Aug 10, 2011
Rep Points: 5,128
4. Wednesday, February 12, 2014 - 12:14 AM
Long term care insurance is not for everyone but it doesn't mean that you shouldn't consider this as you are nearing your retirement years. Everyone is actually at risk of requiring long term care according the recent report stating that 70% of Americans who are 65 years old and above will require care and 41% of those who are below 65 years old will also need long term care but due to disability, injury and illness. This report only shows that everyone should prepare and plan for ltc. Since the cost of care is continuously soaring, it's recommended to purchase private insurance for this. Without ltc insurance, you'll end up exhausting all your savings or worse you'll become a burden to your family. You can financially secure your future by reading reliable resources about long term care insurance from other reputable sites.
2
roseharringtonroseharrington3 posts since
Feb 4, 2014
Rep Points: 7
5. Friday, March 14, 2014 - 7:31 PM
I am surprised no one has commented on the excessively high cost of LTC and the fact that it will only pay a portion for one's care for a limited time period so that even WITH LTC one can end up exhausting all their savings!!  I was quoted over $7,000 in premium for coverage for three years that would pay $200 a day.  Unfortunately, that is only half the amount needed for nursing care in New Jersey!!!  Of course the $7,000 premium will increase astronomically so I can't see how purchasing such a policy would benefit me, can you?? If I am missing something in my calculations please post a response! Thanks so much.
2
niknobniknob4 posts since
Mar 14, 2014
Rep Points: 7
6. Saturday, March 15, 2014 - 2:43 AM
niknob, how old are you? Is this quote for you only or does it also include your wife? Which company? Are the benefits adjusted for inflation? The premium seems too high.
1
loulou521 posts since
Aug 3, 2010
Rep Points: 3,239
7. Saturday, March 15, 2014 - 6:53 PM
I am a 67 year old female, single.  I do have a health condition which I have had for 20 years and is controlled but I am still not considered a preferred candidate.  The two quotes I obtained were from Genworth and  Transamerica. Yes, both policies adjust for inflation, 1 for 3% and 1 for 5%.
1
niknobniknob4 posts since
Mar 14, 2014
Rep Points: 7
8. Saturday, March 15, 2014 - 7:18 PM
Unfortunately, being 67 and female will raise the premiums significantly. You will not qualify for the marital discount and you are not getting the preferred discount either.

Make sure you decline all the bells and whistles (riders) that brokers stick in there to raise the price of the policy. Also, price it without the cost of living adjustment and elect a 90-day or longer deductible. See if these changes make it more affordable.
3
loulou521 posts since
Aug 3, 2010
Rep Points: 3,239
9. Saturday, March 15, 2014 - 7:50 PM
Both policies already have a 90 day deductible and the only rider is the inflation rider which is truly necessary. Seems like I would be paying a ton of money for very little "protection". (The Transamerica policy offers $219,000 of coverage which wouldn't even pay for three years of assisted living in New Jersey let alone nursing home costs!!)  I really feel like I am between a rock and a hard place.  If G-d forbid, I ever need care, with or without a policy I will be in dire straits. I am trying to be proactive but my choices are horrid!!!
3
niknobniknob4 posts since
Mar 14, 2014
Rep Points: 7
10. Saturday, March 15, 2014 - 11:17 PM
At 67-years-old, the inflation adjuster may not be necessary.
3
loulou521 posts since
Aug 3, 2010
Rep Points: 3,239
11. Sunday, March 16, 2014 - 10:34 AM
Hey Lou,
I appreciate all your comments but I must disagree with you about the inflation rider.  Costs are continually going up and to keep the coverage flat would be a big mistake in my opinion. The coverage is already insufficient and by not selecting inflation protection, I would be further behind the eight ball. It is true that my premium would be reduced by about $1800 but at what price??? Is there really a difference between a bare boned policy and none at all?Since you have a good working knowledge of the industry (and may even be an insurance agent) what is your opinion of a single premium policy?
Thanks, Lou!!
Ro
1
niknobniknob4 posts since
Mar 14, 2014
Rep Points: 7
12. Sunday, March 16, 2014 - 12:27 PM
No, I am not an insurance agent. Bought a policy a few years ago so I am somewhat familiar with it. I really don't know your situation so can't comment if some coverage is better than none. It really depends on your net worth and what you want to happen to it upon your death.
2
loulou521 posts since
Aug 3, 2010
Rep Points: 3,239
13. Thursday, April 17, 2014 - 8:14 AM
City by City rates for long term care in 2014 by Genworth


Cost of Long Term Care: Long Term Care state maps 
2
AllyAlly786 posts since
Jan 16, 2010
Rep Points: 2,283
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