Long Term Care Insurance?

Long Term Care Insurance?

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Long Term Care Insurance?
  #1  
Old 06-23-2019, 07:30 AM
Cookie Princess Cookie Princess is offline
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Default Long Term Care Insurance?

What are your thoughts about Long Term Care insurance? My husband and I are looking into this, but as we are in our 50's, it is pricey.
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Old 06-23-2019, 07:46 AM
retiredguy123 retiredguy123 is online now
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I don't think long term care insurance is worth buying, especially if you can afford to pay for assisted living and/or home care out of pocket. You can also use it for nursing home care, but most people living in nursing homes are paying nothing because they are on Medicaid. Everyone can get Medicaid when they run out of money. Another thing I don't like about long term care insurance is that the insurance company will decide if and when you need to collect benefits. I think that should be determined by a neutral party. A better way to go is to save money for long term care and shop around for the best deal and pay for it yourself. I know others will disagree.
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Old 06-23-2019, 08:00 AM
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I'm with 123...........not a fan of LTC Insurance.


Search this site, it's been discussed a number of times.


An old thread: "Long Term Care Insurance - Opinions Wanted

"


In this thread, I posted:

There are a lot of studies out there................If you have less than $250k in assets, don't buy. And if you have over $1.5mil, don't buy. But if you are in the middle, should consider.
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Old 06-23-2019, 08:24 AM
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I agree with above 2 posts. LTC costs will escalate as you age. Almost all LTC insurance does not have a fixed for life price.
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Old 06-23-2019, 08:38 AM
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I got hit with a 90% hike in premiums. The carriers realize that they misjudged how much they will be paying out. The number of carriers is shrinking also.

I had a long discussion with a Genworth representative, and decided to keep a shorter payout coverage that was offered. It was still higher than my original premium.

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Old 06-23-2019, 08:59 AM
collie1228 collie1228 is offline
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LT Care Insurance is way too expensive for me - I'll take my chances and hope I never need it. GE sold a long term care insurance policy for years, and they were so inept that they under priced it and in 2018 took a 6.1 Billion Dollar charge for their ineptitude. I should have bought one of those underpriced policies, I guess.
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Old 06-23-2019, 02:48 PM
JerryLBell JerryLBell is offline
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It's like any insurance - it's way too expensive until you actually need it; then it's a wise investment to have made. Every financial adviser my wife or I have worked with have strongly recommended it even though they and their companies did not sell it.
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Old 06-24-2019, 06:35 AM
retiredguy123 retiredguy123 is online now
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When working with a financial advisor, planner, or insurance agent, I think it is always a good idea to ask the advisor if they personally own the product they are recommending.
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Old 07-02-2019, 10:52 PM
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I agree. If the financial planner sells insurance products, they will definitely push other insurance products. Even if they don’t get the business they may well advocate for more insurance. It’s seems like people in the business help other people in the business.
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Old 07-03-2019, 05:11 AM
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Quote:
Originally Posted by JerryLBell View Post
It's like any insurance - it's way too expensive until you actually need it; then it's a wise investment to have made. Every financial adviser my wife or I have worked with have strongly recommended it even though they and their companies did not sell it.



Actually, it's more like an Annuity (that MIGHT pay out) vs. "like any insurance".


JMO
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