My grandparents didn't have any protection against long-term care, thus, my parents and their siblings paid for their care, from this experience, my parents purchased a shared policy - the spousal ltci. When you don't have any kind of protection, it can be devastating to you and your loved ones. Just make sure to consult and discuss with your family, lawyer and an ltci specialist before buying one so you can determine if you have the ability to pay the premiums including future increases and if your family members are committed to assist you with your future long term care needs. In addition, don't forget to consider the reviews and reputation of the insurance provider and don't just settle for one carrier, shop from different insurance companies, you can get long-term care insurance quotes online, and speak with a specialist so you can compare and choose the best one.
My parents have long-term care insurance and so far so good. We didn't encounter problems when we filed for claims. Genworth is making everything easy for us. It really pays to have a policy because it helps pay for their assisted living facility. The company also matters so choose a company that has been in the business for a while now and can meet your expectations when your file for claims. I know it's pricey but it's totally worth it just take it from me. If you're on a tight budget and you're keen in having long-term care insurance, I recommend comparing long term care insurance quotes. Through this, you can compare policies from one carrier to another, costs, benefits and discounts.
Just found out yesterday that my mom's policy through Met Life will pay 3900/mo for assisted living both rent and care (was told numerous times these policies wouldn't cover AL from staff and others) and for a period of three years. I was very surprised as we were just hoping for them to cover her ADL care costs of less than 1000. Still won't believe it until I see it, but hoping it's all true. Next on husband's and my financial to-do list is to purchase ourselves a policy.
I am very glad that my mother wisely chose to buy a long term care policy with S.H.I.P., Senior Health Insurance Company of Penn. She bought several riders on it such as yearly increase, home health care and home builder care, premiums cease after going into the nursing home, and it lasts as long as she lives. She's already gained in benefits since 2009 more than she paid in from premiums. My regret is that she did not tell me or her husband about it for she could have benefited from it when she was still home. It pays $5,000 + of the $7,000 + monthly bill. The rest is covered by her life savings and securities.
MIL had one with New York Life that was great. (She passed 2 wks ago.) It paid 4+ of the $6,000 per month. Also was used when she was still in her home. Not sure how many years it would pay for. Just hope we will be able to afford something similar!
Please see my response to similar question today by Ismaili.... We have OTC thru Mass Mutual and it is SignatureCare policy. It is about $200/mo for each of us. We have the policy, shared care riders, inflation protection, etc.
These policies all vary and you have to read each very carefully and understand any anticipated needs. Do your research and only buy from a trusted company and trusted rep. Call referrals from others who have similar policies.
Long Term Care insurance is extremely expensive but worth it if you have assets you are trying to protect. But one option that is becoming increasingly popular for younger seniors is to purchase a specialized type of life insurance policy - one that has "living benefits". These benefits allow the beneficiary to access a portion of the death benefit while still living, in the event of a chronic, terminal or critical illness. Plans and benefits vary, so make sure you speak with an independent agent who can shop multiple companies on your behalf.
My mother has been paying for decades to Metlife and so far it isn't paying anything for assisted living or board and care, which she definitely must have, only pays for skilled nursing which she hasn't needed yet, nor may never. Geriatric manager says it pays what most do, which is next to nothing.
We have long-term care through Genworth. SPEAK TO A TRUSTED FINANCIAL PLANNER. Plans and costs vary. Because of our age, we pay an enormous amount for the coverage, but believe it will be worth it. Good luck.
Pricing for the same level of long term care coverage can vary greatly between companies, with some companies charging over 100% more than others. Work with an independent insurance agent that can provide quotations from numerous companies.
Just hope we will be able to afford something similar!
We have OTC thru Mass Mutual and it is SignatureCare policy. It is about $200/mo for each of us. We have the policy, shared care riders, inflation protection, etc.
These policies all vary and you have to read each very carefully and understand any anticipated needs. Do your research and only buy from a trusted company and trusted rep. Call referrals from others who have similar policies.
Don