Long term care insurance. Any advice? - AgingCare.com

Long term care insurance. Any advice?

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Taking care of my mother and watching her money dwindle has me fearing the future. Just had a long term insurance agent here to talk about my husband and my plans. Do any of you have long term insurance for yourself? Do your folks have it? It would cost us $8000 a year. What a gamble. Us gambling we'll continue to be able to afford it - or my working to pay for it. And the insurance company gambling we'll pay for 20 years and die before we receive a dime.

What are others' thoughts on LTC? We have a house, assets, retirement and IRA's Does paying this kind of money on LTC really make sense or is it a scare tactic for the insurance companies?

Thanks for your opinions

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Long-term care insurance costs anywhere from $1,000 to $8,000 annually. This is actually cheaper compared to paying for facilities like nursing homes, CCRC's and assisted living facilities out-of-the-pocket. Purchasing insurance is definitely a gamble because nobody knows what can happen in the future whether you'll succumb to diseases or injuries that will require long-term care for an extended period of time or not. The uncertainty of needing this insurance product is one of the reasons why people chose to brave the future without coverage. But if you still want to have a policy but with more benefits, then consider hybrid policies. These policies are recommended for people who want to leave something behind to their loved ones when they die and at the same time have a long-term care benefit.

Purchasing insurance products today to protect your assets and cover your care expenses makes sense and should be done by everyone nearing retirement. But before jumping the gun, make sure to consider the cost and even the company to avoid inconveniences later on. To help you find the long term care insurance company for you, here are some resources you can use:

http://www.aaltci.org/long-term-care-insurance/learning-center/company-ratings.php

freeltcquotes/long-term-care-insurance/companies-ratings/
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Long-term care insurance is a wonderful product but is not created to fit all, depending on several factors, every individual should do their assignment first - educate themselves about long-term care insurance and its impact. Here are few resources to help you better understand long-term care insurance

aaltci.org/
infolongtermcare.org/long-term-care-insurance-information/
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Long-term care insurance is a wonderful product but is not created to fit all, depending on several factors, every individual should do their assignment first - educate themselves about long-term care insurance and its impact. Here are few resources to help you better understand long-term care insurance
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No one can predict the future, so you can say it's a gamble when you purchase this type of policy. As you can see at ltcoptions/long-term-care-insurance-costs/, long term care insurance cost is around $1,000 to $8,000 annually. Many people find this expensive including you, one of the reasons why people shy away from this insurance product. A lot of consumers don't want to shell out a huge chunk of money without a guarantee that they will benefit from this.

Consumers are not forced to buy long term care insurance, in fact they are encouraged to talk to a specialist first and have their needs assessed first. In this way, you'll have an idea how much coverage you'll buy and the most suitable policy type for you.
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Thanks SM (sharynmarie). That helps.
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Glad-the policies vary from company to company. Mine pays for 3 years at 100%. It covers home care, respite care, and facility care. The older you are the more expensive they are. My mom was paying $350 a month. Her policy is like mine except it pays for 4 years. I am paying $150 less than my mom did. My brother's. Policy is very good too but he got his through the government as an employee so he pays only $100 a month. With mine and my mom's policy you continue to pay monthly premiums if you have home care but if you have facility care your premiums stop. My mom's policy pays a month behind so my sis has to pay the facility then the LTCP (long term care policy) reimburses us. I think they all have a limit of how long they will now because as someone said...many companies lost money and went bankrupt. I got my policy through State Farm Insurance and my mom's is through Genworth.
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Does anybody know the range in price for these policies/benefits.
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The policy I have will pay 100% for 3 years. It is expensive but I am happy with my choice considering my family history with Alz.
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Boy, if I could find it for $1200 per year verses $8000 per year, I might consider it, but it just doesn't seem to make sense. I also appreciate the comments about what happens if you stop paying the premiums. It never occurred to me! Then I remembered the salesman saying we'd pay until we die or start using it. If I can't afford it now how could I ever afford it on a fixed income after retirement (should we be so lucky). These policies sound like a great deal - for the insurance companies and the folks getting the commission checks, but not for the common person.
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