Long Term Care Insurance?

Long Term Care Insurance?

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  #11  
Old 07-03-2019, 09:02 AM
biker1 biker1 is offline
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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.

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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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  #12  
Old 07-03-2019, 09:29 AM
JoMar JoMar is offline
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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.
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  #13  
Old 07-03-2019, 09:52 AM
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villagetinker villagetinker is offline
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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.
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  #14  
Old 07-03-2019, 10:01 AM
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Chi-Town Chi-Town is online now
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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.


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  #15  
Old 07-03-2019, 11:43 AM
valuemkt valuemkt is offline
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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
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  #16  
Old 07-03-2019, 12:57 PM
PNaughton PNaughton is offline
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My LTC rates went up and rather than dropping this ..(to me).. safety net we spoke with Les Roth at Villages Insurance in Brownwood. He worked out a way with Genworth where we modified the policy and still have a pretty comprehensive LTC plan. Next we'll speak with our lawyer to rearrange our finances in a way that will benefit us and keep it out of the state's hands.
All in all I would say speak with a professional whose advice you can take or reject.
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