Quote:
Originally Posted by retiredguy123
That is one reason that I would never recommend buying long term care insurance. If you end up in a nursing home, they will be happy to take your long term care insurance benefits, but they won't provide any better care. You paid thousands of dollars for insurance premiums, but you will be living with people on Medicaid who get the same care and didn't pay any premiums.
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Although I almost always agree with every post you write in the investment forum, I see LTC policies differently……
I think of it as asset protection. I am not into living our lives to try to save money for heirs — they’re doing fine — but if the LTC policy ends up protecting assets for the spouse, that can be life -changing.
Certain LTC policies (maybe all) cover assisted living. I don’t think assisted living is covered after Medicaid spend-down. (I might be wrong about that, but I don’t think so.) If assisted living is needed, that can be when the finances of a couple can get hit hard.
(I am not selling LTC policies.
My point is mostly moot here anyway because after a certain age, buying a policy might not be possible.)
Buying into a non-profit CCRC while still independent can function as an LTC policy in a way, but you have to be able to afford the buy-in and the monthly fees and get in while you can. (Actuaries must do the scrutinizing for CCRCs.) With CCRCs, the decision to go there while still independent can be difficult for some.
……..interesting discussions in this thread…….
Boomer