long term care insurance....advice?
 

My husband and I are thinking about purchasing Long Term Care Insurance. Does anyone have a policy they like? Or can recommend an insurance carrier?

Thanks, I don't plan to use it soon! but I like to be prepared!

John Hancock is who we have had for the past 8-10 years. My husband's premium went up one time in that period. It's one of the big LTC insurers.

John Hancock also. With whomever you go, try to go through a group or organization (such as your insurance co, or employment...) rather than just one-on-one with the LTC provider. You'll do better. Mine is through my insurance, USAA.

First, though, determine if you really need it, if now is the right time, and what you need or want. What you'll actually be doing is "insuring" your estate so it can be passed on to the heirs of your choice, rather than used up on nursing homes etc. In other words, you don't benefit, your heirs do. So make them pay the premiums!! Good luck!

Boston Celt My husband is a CPA and that is what he tells his clients. Have your kids pay for their long term care insurance. They are protecting their inheritence.

Now having said that, as our kids are still late 20's and younger, we are paying for ours. We have Blue Cross through the CPA Association which is long term care insurance which would give you higher end assisted living when you might need it.

I used to be the Executive Director of a Sunrise Senior Living Assisted Living and Memory Care community. At minimum, you need a policy at today's market value that would pay about $6000 a month per person for assisted living and closrer to $9000 minimum if it is memory care. I know the industry very well, I have actually opened two new assisted livings and staffed them and ramped them up with residents. They charge for everything, aside from meals, the care you would need, which is when you use your long term care, is VERY expensive. You cannot use long term care policies until you have a need to have help with a minimum of three activities of daily living such as dressing, feeding, bathing, walking. Just so those who do not understand what it is get a picture of when you can use it.

If you can aford it yes. You might get minimium coverage with the idea of paying part of the cost yourself and the rest with insurance.
There are relatively new policies that combine life insurance and long term care insurance. Ask arround as these might be of interest.

oh, what a good idea....make my son pay the premiums....RIIIGHT, like that's gonna happen! :a040::a040::a040::a040::a040:

Thank you everyone for your advice. I really appreciate it!

Yeah, good luck is right !

We had whole life policies on each of our kids, and transferred the policies to them once they became of age, and had serious jobs. What did they do ? Cashed in the policies for the cash value. - GONE - !!

You can always tell a kid - but you can't tell him/her much !

Motivate him! Like, tell him he's out of the will. Tell him about your new heirs. Have fun with it! lol

I always say, "you can't tell someone anything but you can inform them". :)

Always good to give people options and hope they make the right decision.

:laugh: :agree:

Another John Hancock customer here. We took out the policies at ages 62 & 60, two years before retirement. We don't have heirs, but this is a hedge against the surviving spouse getting wiped out.

When shopping, get several quotes for identical coverage. We did better with Hancock than my employer's group plan with Met Life, primarily because the group plan had fewer coverage options. We stayed away from smaller insurers.

There's a whole school of thought out there that life insurance is an expense of living rather than a worthwhile investment vehicle, so that expense should be met as inexpensively as possible, namely, term, and that your investment dollars could do better elsewhere. Also, that if no one is financially dependent on you, you don't need life insurance.

Sounds like your kids went to that school.....

I've just spent 3 months studying this topic. A broker we worked with found the best policy for us, one which pays cash direct to us monthly, once we qualify, and does not require us to continue to fill out forms to continue to receive benefits. The benefits are not restricted to a specific kind of care, such as home care, assisted living, etc. They are simply cash payments (hooray). Mutual of Omaha had the best of this type of policy.

I've heard it said on many occasions that the children of Baby Boomers are part of the "I want it ....... NOW" generation.

I've found that to be true.