Long Term Health care policy increases??
 

does anyone have Long TERM Health care?? Did you take a policy out when you were younger ONLY to see the premium skyrocket?? We took one out in our 50's and now that hubby will turn 62 this year the policy went up 44%!! How in the world do they expect people to live?? We thought we did the right and responsible thing to do but when all your bills go UP and UP and UP there's nothing left. Now we have to comtemplate whether it is worth it to continue (as they can keep increasing it) or to drop and lose all we have invested up to this point. ps we use John Hancock

I have a long term care policy with Genworth (GE) I purchased the policy in 2003 and turned 65 this year. I have not haad any increases in the premium. (YET)

Wow Good luck Let me know how you make out this year. Will be interesting!! 44% increase is outrageous.

Have a policy through Met. Took it out in my late 40's. Written into the policy was their increase schedule...2% every 10 years. Sounded reasonable to me and have not had any regrets.

I just paid this years premium and NO increase.

Genworth for over 10 yrs and no increase

Would anyone be interested in a free no obligation informal get together to talk about LTC? If so IM me.

My son was bugging me to take out long term care insurance. After looking into it I decided to pass. I told my son that since he would be the beneficiary of my long term care insurance in case my wife and I were incapacitated that he should pay the premium. That ended that conversation.

John

My husband the CPA tells ALL his clients that the kids should take out the LTC policy on their folks, it is their inheritence, the kids inheritence, that the kids would be protecting! Of course, we took out our own because our kids are still young and career building but it is good advice. I wish my sisters and I had taken out LTC for my folks, or that my folks had done it because it is hard being the responsible daughter trying to financially plan in what was my parents best interest until my dad passed, and now my mom's best interest as she turns 90 without extensive resources except my husband and I when the money runs out one day, should she live a long life. And of course we wish her to live long and enjoy The Villages when we get her there next month!

I think some companies offer a combined life insurance and LTC policy. You only get one of the benefits.

one thing to be aware of is the benefit you are buying....what the policy will pay per month when needed to be used. Some have a stated value....so what you bought for a per month benefit 10 years ago may be inadequate to cover the monthly cost in today's inflated values.

The policies I have for my wife and I offer an opportunity to keep the "value" of the monthly benefit indexed to rise with inflation. This requires a very modest increase in monthly premium every couple of years.

Or we have the option to decline the increases and stay with a stated value and roll the future dice on cost per month adequacy.

btk

A slight hijack here but I am a complete newbie about the topic. And it is a topic that I have been intending to research.

I read BTK post and found it perplexing but most logical once I thought through the points made.

So, if not too much of an imposition...

I ask you all what are the primary carriers, does one or more stand above the rest, what should I be looking for, what should I watch out for.

Please and Thank you.