Do you have LTC?
 

I am considering purchasing Long Term Care insurance and have been wondering if any in the Villages have it and how has it worked out for you?

Don't have it and don't want it.

Got a link?

Ltc
 

My wife and I have it and have had it for 10 years at a cost of 1100 per year. It has an escalator clause and the current monthly benefit is 5400 per month and goes up 5 % a year. Hope we never have to use it but we consider it a possible supplement to our potential medical care costs.

It is thru UNUM.

Long term care insurance is part of a comprehensive retirement plan. Financial advisors strongly suggest its consideration.

I've had it since I was 50 with John Hancock. Hate paying that premium every year. It has increased very little. I just doubt that I'll ever use it.

:agree:

Yes my financial advisor strongly suggested it too. It makes sense, but seems painful up front like any other kind of insurance does. Convincing my wife is going to be the real chore.

Thanks, I found it.

http:// www. ************** .com/ ?s=jane+bloom


I guess they (TOTV) don't like links in posts even though they have a hyperlink tool.

Parents have it (John Hancock) and are in the 2nd year of using it. They bought it while in late 60s or early 70s. Worst part is getting claims paid - they drag and drag out the process.

Both DW and I have plans purchased thru employers (fully paid by us, but screened by previous employers). Haven't need the claims part.

Remember, this is insurance, which means that the company is betting that you will pay in more than they will ever pay out. Thus, as you become older (and thus more likely to need to use it), the original annual premiums go up. Many companies which were in the business fled it as they found that they lost a boat load of money on it - among other reasons because the number of people who let it lapse was much smaller than they originally expected based on experience with products like life insurance.

You probably need to work the numbers to see if you want to buy it. Alternately, you could put money into a savings account and effectively self insure. You should also consider how likely you are to end up in assisted living or a nursing home and how much risk (uncertainty) you can live with.

I also have a LTC that I purchased when I was 50. Had it reviewed and got an updated policy with same company with more benefits at close to same premium.

I have a friend who just paid $6800.00 for 1st month out of pocket to get her Mom in LTC here in The Villages. The nursing home has processed paperwork to get her Mom approved for Medicaid. If it is not approved within the month she will have to pay for another month. 6,800.00 X2 is a lot of money. Glad I have LTC and hope I NEVER have to use it. My agent is Brad Shepherd at 347-9201. He is great.

If you have a LTC policy and it has not been reviewed in the past 5 years I strongly recommend you have a review.

The plan I am considering has a 90 day lifetime you pay out of pocket before any $$$ kick in. I suppose as long as I know that up front I'm okay with it.

Let me tell you why I have it....My mother's siblings all got Alzheimers, she was the youngest. At age 80 she was getting a little forgetful. We thought, it's now or never. About 20 years ago she applied and did good enough in the mental test to be accepted for the insurance. She got the lifetime payout and paid into it for 5 years, then needed it and no longer had to pay the premiums when she was admitted into the assisted living. Her premium was $5500/year at age 80 times 5 years equals $27,500 that she paid. She collected $110/day for the 6 years she was under care. That comes out to $240,900. Seems like a no brainer. Yes, my brothers and I all have LTC Insurance.

We have LTC insurance.

I consider it to be part of our financial planning for retirement.