Follow
Share

My elderly mother has it, and I'm sure it will be a great help. I'm considering it for myself (I'm currently in my 40's), but am not sure. I've been reading stories about skyrocketing premiums, companies no longer carrying it or going out of business, etc. It sounds like such a gamble. I don't have children, and am thinking that for my own situation, it may be better to exhaust my funds when the time comes. What are your thoughts?

This question has been closed for answers. Ask a New Question.
Find Care & Housing
Thank you everyone. Your advice is a big help! :)
Helpful Answer (0)
Report

Get quotes from multiple companies and compare rates and benefits. You can design your own policy..I.e. daily rate..length of time..plus other options..age 50-55 best time to buy. Consider your Soc sec benefit, your assets, the cost of future care..and see how much additional you might need and look at a policy amount that will fund the difference. There are also annuities with Ltc options that are worth reviewing. Do lots of reading and ask questions before buying. Stick w A+ companies. But do not buy it if you really cannot afford to keep paying the premium now and for years. You need to fund retirement first. Hope this helps a litttle.
Helpful Answer (1)
Report

another thought - if you are in your 40s, look into an annuity, if you have the money to fund it. This works like a private pension, but like I said you need the capital to fund it. The upside is you can have a lifelong income.
Helpful Answer (1)
Report

i was told by a financial planner that LTC ins typically repaces disability insurance. I work for a large company with good benefits, I have diability insurance, plus an additional optional ridder I pay for that incrases the disability insurance, should I need it, My planner advised that is I no longer have that insurance, then I should consider LTC insurance. It is not cheap.

My BF's mom had apolicy and it has been a life saver, she is in a really nice ALF, she is closeby enough that he can visit at least weekly, oftem more. During his work week, he does not have to worry anout her safety, can concentrate on his work and earns well and can treat her to mini vacations and nice outings. She misses her condo, but being clear minded she gets the value of her safety adn her son continuing a normal life. The premiums will be more than recovered, this is likely one of the best investments this family could have made,
Helpful Answer (1)
Report

Rodneyfisher--thanks for the info and links. I'll continue to do more research.
Starrysky--yeah, I've heard that this is the case. I tend to err on the side of being "overinsured" with other things, up this coverage, for my own personal circumstances, I may decide to forego.
Helpful Answer (0)
Report

Clarification $300 or more per month. This was with a major respected insurer.
Helpful Answer (0)
Report

I looked into it back when I was in my thirities and they quoted me crazy things like $300 or more and told me it would only go UP as I got older. And this was for a policy that still would only cover 3 years or so at full coverage. Most people need a lot more than 3 years coverage at the end. So what's the point? All that money could go into savings at least or be invested.
Helpful Answer (0)
Report

What you've heard is right premiums are skyrocketing now but having coverage is still the most secured way to age. The numbers would tell you that 70% of people who are 65 and above will require any form of long term care. Since it is expensive, everyone is encouraged to buy coverage for this. It's pricey but there are ways to keep your premiums down and avoid high premium increase later on. You can request for ltci quotes first to find out the estimate cost of your coverage, compare plans, discounts available and you can also structure your plan according to your needs.
Helpful Answer (0)
Report

pamstegman, thank you for your feedback!
Helpful Answer (0)
Report

In my honest opinion, Bullsnot. I'll put my money where it earns the most, and draw off it as I need it. When it is gone, get me Medicaid. And no, I am not putting my house in a trust so my kids can drop me in the county home. All of it will pay for my care, and they can whistle Dixie.
Helpful Answer (4)
Report

This question has been closed for answers. Ask a New Question.