Long Term Care Insurance?

Closed Thread
Thread Tools
  #1  
Old 06-23-2019, 07:30 AM
Cookie Princess Cookie Princess is offline
Member
Join Date: Jun 2018
Location: Maine
Posts: 44
Thanks: 28
Thanked 8 Times in 4 Posts
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.
  #2  
Old 06-23-2019, 07:46 AM
retiredguy123 retiredguy123 is offline
Sage
Join Date: Feb 2016
Posts: 13,953
Thanks: 2,275
Thanked 13,420 Times in 5,110 Posts
Default

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.
  #3  
Old 06-23-2019, 08:00 AM
dewilson58's Avatar
dewilson58 dewilson58 is offline
Sage
Join Date: May 2013
Location: South of 466a, if you don't like me.......I live in Orlando.
Posts: 11,502
Thanks: 834
Thanked 9,687 Times in 3,600 Posts
Default

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.
  #4  
Old 06-23-2019, 08:24 AM
l2ridehd's Avatar
l2ridehd l2ridehd is offline
Sage
Join Date: Dec 2007
Location: Bridgeport At Miona Shores
Posts: 3,605
Thanks: 1
Thanked 352 Times in 121 Posts
Send a message via AIM to l2ridehd
Default

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.
__________________
Life is to short to drink cheap wine.
  #5  
Old 06-23-2019, 08:38 AM
Chi-Town's Avatar
Chi-Town Chi-Town is offline
Sage
Join Date: Dec 2009
Posts: 7,493
Thanks: 185
Thanked 1,478 Times in 711 Posts
Default

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.

Sent from my SM-N960U using Tapatalk
  #6  
Old 06-23-2019, 08:59 AM
collie1228 collie1228 is offline
Gold member
Join Date: Apr 2008
Posts: 1,484
Thanks: 0
Thanked 528 Times in 198 Posts
Default

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.
  #7  
Old 06-23-2019, 02:48 PM
JerryLBell JerryLBell is offline
Veteran member
Join Date: Jan 2015
Posts: 727
Thanks: 0
Thanked 372 Times in 133 Posts
Default

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.
  #8  
Old 06-24-2019, 06:35 AM
retiredguy123 retiredguy123 is offline
Sage
Join Date: Feb 2016
Posts: 13,953
Thanks: 2,275
Thanked 13,420 Times in 5,110 Posts
Default

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.
  #9  
Old 07-02-2019, 10:52 PM
Jerseygirl08's Avatar
Jerseygirl08 Jerseygirl08 is offline
Senior Member
Join Date: Sep 2008
Location: The Village of Caroline
Posts: 219
Thanks: 225
Thanked 80 Times in 43 Posts
Default

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.
__________________
You can't wait until life isn't hard anymore before you decide to be happy. ~ NIGHTBIRDE 1990 to 2022 ~
NJ, PA, CA, Lake Sumter Area
  #10  
Old 07-03-2019, 05:11 AM
dewilson58's Avatar
dewilson58 dewilson58 is offline
Sage
Join Date: May 2013
Location: South of 466a, if you don't like me.......I live in Orlando.
Posts: 11,502
Thanks: 834
Thanked 9,687 Times in 3,600 Posts
Default

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
  #11  
Old 07-03-2019, 09:02 AM
biker1 biker1 is offline
Sage
Join Date: May 2014
Posts: 3,117
Thanks: 1
Thanked 931 Times in 523 Posts
Default

We looked into it about 7 years ago. I did some future value calculations and came to the conclusion we were better off self-insuring. Of course, your mileage may vary. One of the selling points was that it could potentially protect some assets that you wish to pass down to your heirs. This was not an issue for us. We passed.

Quote:
Originally Posted by Cookie Princess View Post
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.
  #12  
Old 07-03-2019, 09:29 AM
JoMar JoMar is offline
Sage
Join Date: Apr 2014
Posts: 4,814
Thanks: 10
Thanked 2,302 Times in 865 Posts
Default

Have had the experience of two parents whose assets were completely depleted and a mother in law whose assets are rapidly disappearing as a result of health needs in assisted living. My Dad's life ended in a nursing home, mentally fully cognizant of what was going on in his life and the world. Mom was in assisted living when she died with 7K of her assets remaining, mother in law is in assisted living with early dementia. I suspect those that are self insuring have the means to do so and congratulate them on having that large reserve to be able to do that. I also assume that those that are rolling the dice have kids and other family members that will share the burden both financially and emotionally. I also understand the LTC goes up every year as does the cost of the facilities we may all end up living in. It is an individual choice of course, but having seen what assisted living and nursing care can do to a person as they watch everything they worked for disappear I will keep the insurance to help.
__________________
No one believes the truth when the lie is more interesting

Berks County Pennsylvania
  #13  
Old 07-03-2019, 09:52 AM
villagetinker's Avatar
villagetinker villagetinker is offline
Sage
Join Date: Sep 2013
Location: Village of Pinellas
Posts: 9,587
Thanks: 2
Thanked 5,996 Times in 2,197 Posts
Default

OP, talk to your financial advisor to see what is available. We bought a policy back up North, and as I recall, we get back the premiums IF WE DO NOT USE IT, we get assets shielded as mentioned above, but I am in the process of confirming my back up North policy will satisfy the Florida requirements. At the time we wanted to be able to pass along some assets to surviving spouse, however, we are also reevaluating this policy in light of costs, current conditions, etc. All these situations are different and what is suitable for one person make make no sense for another person.
__________________
Pennsylvania, for 60+ years, most recently, Allentown, now TV.
  #14  
Old 07-03-2019, 10:01 AM
Chi-Town's Avatar
Chi-Town Chi-Town is offline
Sage
Join Date: Dec 2009
Posts: 7,493
Thanks: 185
Thanked 1,478 Times in 711 Posts
Default

Quote:
Originally Posted by villagetinker View Post
OP, talk to your financial advisor to see what is available. We bought a policy back up North, and as I recall, we get back the premiums IF WE DO NOT USE IT, we get assets shielded as mentioned above, but I am in the process of confirming my back up North policy will satisfy the Florida requirements. At the time we wanted to be able to pass along some assets to surviving spouse, however, we are also reevaluating this policy in light of costs, current conditions, etc. All these situations are different and what is suitable for one person make make no sense for another person.
Not sure about getting the premiums back. I believe that a rate increase will give you the option of canceling and premiums paid can then be used to offset the facility costs. Remember. If you paid $30,000 in premiums that's only half a year coverage.


Sent from my SM-N960U using Tapatalk
  #15  
Old 07-03-2019, 11:43 AM
valuemkt valuemkt is offline
Veteran member
Join Date: Oct 2007
Location: The Villages - Formerly Atlanta Endicott and Syracuse NY
Posts: 692
Thanks: 49
Thanked 661 Times in 214 Posts
Default

For those of you still working, IMO the best time to get LTC is through a company supported plan to get a group rate. Despite all the bad publicity, we got LTC while working. I think we've had it 7-10 years. I've had only ONE increase in that time, to the tune of 5 or 8 dollars / month. Like homeowners and health insurance, I hope neither of us ever use it. I am not trying to get my money back .. it;s whats known as a hedge.. in no way do i consider it in any form an annuity .. its Insurance. Based on what my father paid in an assisted living facility when he could not perform many ADLs (Activities for Daily Living - look them up), my total premiums paid to date for both of us would equate to 4 or 5 months in a facility. I'm willing to pay the premiums to hedge that cost. a personal financial decision everyone has to make
Closed Thread

Tags
insurance, care, long, term, pricey

Thread Tools

You are viewing a new design of the TOTV site. Click here to revert to the old version.

All times are GMT -5. The time now is 02:25 AM.