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Long Term Care Insurance
Horse Plains Drifter
Forums Admins, Member, Moderator Posts: 39,310 ***** Forums Admin
JWB267's post hit home. I have LTC insurance for a three year term if necessary. I really hope I never have to use a day of it. I want to have the big one and be on my way.
But, my kids know I am insured and they are not to hesitate to find me a good place when/if the time comes. I took this policy out many years ago when I was much younger and the premiums are around $150/mo. At the prices charged at nursing homes today, that will be one heck of a bargain if all three years are used.
I just can't fantom me living more than 3 years after I get comitted! But I also hate to think I will get into a condition where I can't wipe my own butt. When that time comes, I WANT TO GO.
My neighbor's mother lived in a NH in Indy for over 10 years. She had a stroke, was very heavy and her two daughters just could not help her. Every time we went to see her, she just pleaded to die. She was in pretty good health except for paralised on one side and could not help herself.
I have sort of rambled but the bottom line: Get Long Term Care Insurance if you can afford it and it will probably help you and your kids/family feel much better about your Nursing Home care. Tom
But, my kids know I am insured and they are not to hesitate to find me a good place when/if the time comes. I took this policy out many years ago when I was much younger and the premiums are around $150/mo. At the prices charged at nursing homes today, that will be one heck of a bargain if all three years are used.
I just can't fantom me living more than 3 years after I get comitted! But I also hate to think I will get into a condition where I can't wipe my own butt. When that time comes, I WANT TO GO.
My neighbor's mother lived in a NH in Indy for over 10 years. She had a stroke, was very heavy and her two daughters just could not help her. Every time we went to see her, she just pleaded to die. She was in pretty good health except for paralised on one side and could not help herself.
I have sort of rambled but the bottom line: Get Long Term Care Insurance if you can afford it and it will probably help you and your kids/family feel much better about your Nursing Home care. Tom
Comments
How old was he when he signed up?
Pre-existing conditions?
Months he elected to wait until benefits start?
Maximum policy pay out?
Group or individual policy?
Based on your information, it's not likely a good buy for him unless he knows he has Alzheimers, LBD, or Parkinsons.
Neal
Well, it depends.
How old was he when he signed up?......about 70 or 71
Pre-existing conditions?......none
Months he elected to wait until benefits start?......zero, benifits start at day one.
Maximum policy pay out?.......not sure on this, it has no time limit for end of benifits.
Group or individual policy.......group
Based on your information, it's not likely a good buy for him unless he knows he has Alzheimers, LBD, or Parkinsons.
Neal
It was $3500 a year when he started in 2000. Been sneaking up ever since.
A neighbor stopped by today. He showed us a letter he got from is long term care insurance. Currently his annual premium is $6500 and change. The letter stated that in Jan. 2014 the premium will go up 80%. That's not a typo people, 80% is what it says.[xx(][xx(] His wife has it too, so they're gonna be paying 24 grand in insurance premiums. Licensed theft at best.[V][V][V][V]
So he's about 80 now?
Nursing home will cost him $80k / yr.
On average, people stay for a little less than 3 years.
Then they die.
So the math is fairly strait forward. (But there will be a daily limit and an end of benefits- or at least it would be surprising if there wasn't )
It's more of an estate planning tool than anything else.
There were a lot of scams years ago. But it is highly regulated now.
No way around it. It's expensive. Very.
But so is skilled nursing care.
just say NO...and put the money in savings and or appreciable investment
+1