[Boomer]

In my frenzy of trying to be helpful, I could not make the link to the old LTC thread work here and so I bumped it. And now it is running separately. I hope the threads get joined when an admin sees it.

Boomer

[Stuart Jim]

bought long term insurence at age 60 from Met Life. Suzie Orman advises that at that age you should be able to dertemine if you can afford it for the duration. It cost me 900 hundred two times a year. this will get me two years in a nursing home, assisted living, at home or combination of the three.. it will also cover a spouse should i remarry. my agent told me it will get me more for the buck in Fl. because everything seems to be so much lower in Fl. then in NY. be advised the older you are the more it will cost. at some advanced ages it is not cost effective and price prohibitive. the cost of a nursing home without it is outragous . along with long term insurence estate planiing (shelter assets) should b looked at.


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East Orange ,NJ, Bloomfield,NJ, Staten Isl, Middletown,NY

[tony]

If this threads looks older than you expect, I merged the new one with the older one, by popular demand.

I hope this works O.K.

Now back to the Long Term Care Insurance topic.

We purchased LTC insurance a couple of years ago (about age 61). We decided on a plan providing $100/day w/ annual inflation escalator for 5 years. Provides benefits for in-home care, assisted living and full nursing home care. Basically, the formula computes a pool of money available for benefits. If that pool is exhaused, benefits cease. For example, $100 X 30 days = $3,000 per month = $36,000 per year = $180,000 over 5 years. That pool of funds could be used quicker than 5 years, but benefits would cease when the pool is exhausted. Of course, the inflation rider will adjust the pool as the years go on until benefits are claimed. Once we determined that we should be able to afford the annual premiums, we concluded that, if we eventually needed the benefits, it would be more for the protection of our estate value for our heirs. We had an agent who specializes in LTC insurance present several provider options through our company. We had a committee review the options and chose the provider that, at that time, seemed to offer the best value for our employees (employees could elect to particiate at their cost, if interested). By taking this approach, we were able to achieve group benefits for interested employees, without the company having to make any commitment. The policies are individually owned, so they are portable. We quickly found that there are numerous variables that affect the cost and value of LTC policies and allow one to customize the policy for his or her specific needs. A good agent that is experienced in this type of product should be consulted, if you are considering this type of coverage.

[misky]

You don't necessarily have to pay for this insurance all of your life. I have a policy that I payoff in 10 years and gives me coverage for the rest of my life. It's obviously expensive, but I'm still working and can cover the cost.

[batman911]

I would recommend that you get your legal advisor to review any policy before you sign up. These policies are full of hidden/confusing restrictions that may, when needed, not provide the benefits you think you have. A plain language explanation from a legal advisor will help you make the correct decision with ALL the facts on the table. I would never listen to anything an insurance sales person says as the unbiased truth.

[ChattanoogaTn]

There is no one that agrees with "this statement" more than me as over and over we have seen on 60 minutes, 20/20 and in the news about never quite knowing "what" is in the fine print until one day you need the coverage and you don't have it! Why does it seem that more and more people and companies are out to screw us one way or another? The principals, morals and pride in humanity is slowly evaporating!!!!

Originally Posted by batman911

I would recommend that you get your legal advisor to review any policy before you sign up. These policies are full of hidden/confusing restrictions that may, when needed, not provide the benefits you think you have. A plain language explanation from a legal advisor will help you make the correct decision with ALL the facts on the table. I would never listen to anything an insurance sales person says as the unbiased truth.