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2014 Long-Term Care Insurance Price Index Published

Saturday, February 1, 2014 - 9:19 AM
"Los Angeles, CA; January 28, 2014 - A 55-year-old single male purchasing new long-term care insurance protection can expect to pay $925-per-year for $164,000 of benefits according to an industry report.  He'll pay $1,765 for coverage that increases the benefit pool to $365,000 at age 85, a 14.5 percent decline from last year's average."

http://www.voluntary.com/news/AAL...8928-1.htm
8
ShorebreakShorebreak2,604 posts since
Apr 6, 2010
Rep Points: 14,109
1. Saturday, February 1, 2014 - 2:14 PM
I am planning for the sale of my house, SS, savings and RMD to pay if I have to go. Not planning on it. None of my relatives went to a nursing home. 
4
Ally6770Ally6770909 posts since
Jan 16, 2010
Rep Points: 2,643
2. Saturday, February 1, 2014 - 6:31 PM
Anybody remember the good ole days when parents just moved in with their kids to care for them in their elderly years?  Now we are spending our senior years caring for our adult children who have no homes to put us up in.  Well there is always a much better option than having to go to a nursing home and it's ours for the taking.
6
paoli2paoli21,367 posts since
Aug 10, 2011
Rep Points: 5,993
3. Wednesday, February 5, 2014 - 12:07 AM
Many would find long term care insurance cost as expensive but this ltci price index would show that it's an investment that is worth every penny you'll spend. A single male who is 55 years old can receive a benefit amount of $164,000 if he pays $925 annually. Not a bad investment at all especially now that the cost of long term care is soaring. If you're interested in purchasing this insurance product, it's important to be familiar with long term care insurance rates that you can find here:

http://www.aaltci.org/long-term-c...insuranc..

http://longtermcare.gov/costs-how...urance-c..
1
roseharringtonroseharrington3 posts since
Feb 4, 2014
Rep Points: 7
4. Wednesday, February 5, 2014 - 2:46 PM
I would never ever move in with my children. They have their own life to live and so do I. I would go to assisted living, nursing home or have home healthcare if needed when I can no longer care for myself.  There are so many choices in Michigan and they look very nice and everyone I have spoken that are in the apartments, assisted living or nursing homes tell me they really like it and would not want it any other way.  They like to have their friends, and be independent. 
3
Ally6770Ally6770909 posts since
Jan 16, 2010
Rep Points: 2,643
5. Wednesday, February 5, 2014 - 4:26 PM
What one likes and prefers depends upon your financial status.  What if you had to choose between what was best for "yourself" or what was best for your adult child?  Would you still spend all your money on that lovely assisted living apartment?  Not in my case.  I would rather use the money to give my DD a better life.  After all, I brought her into it with all it's problems, medical and financial.  So how can I be so selfish to watch her suffer with less while I live in my lovely assisted living apartment with people taking care of my needs.  There are other choices and I will certainly seek them out when I get to the point I can't take care of myself.  I agree with #4 that I would never move in with my DD.  In her case, I don't think that would be possible considering her small apartment.  Hopefully, I'll be done with this life before I have to be concerned about such decisions.
3
paoli2paoli21,367 posts since
Aug 10, 2011
Rep Points: 5,993
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