Page 1 of 3 123 LastLast
Results 1 to 10 of 21

Thread: Long term care insurance

  1. #1
    Moderator jen's Avatar
    Join Date
    Jan 2007
    Location
    Persisting
    Posts
    22,573
    Rep Power
    409415

    Long term care insurance

    Holy shit, you need it if you don't want to live in a hole when you're old. Get it when you're young and healthy.

    So glad dh and I have it. Do you?

  2. #2
    No groundhogs; just prairie dogs RobinAnn's Avatar
    Join Date
    Jan 2007
    Location
    Hesperus, CO
    Posts
    5,082
    Rep Power
    136515
    I plan on getting it this year. (DH and I both turn 60 and that seems to be a magic age for getting it.)
    Robin


  3. #3
    HI! Wise Old Goat's Avatar
    Join Date
    Jan 2007
    Location
    within a mile of home
    Posts
    50,129
    Rep Power
    429057
    I don't - I'm not sure if I've ever really heard of it before. Maybe once we pay off the mortgage we'll look into it.

  4. #4
    Shrieking Violet Sprockey's Avatar
    Join Date
    Jan 2007
    Location
    I Wish I Knew
    Posts
    103,224
    Rep Power
    715793
    I've never even heard of it...

  5. #5
    I flunked typing coachgrrl's Avatar
    Join Date
    Mar 2007
    Posts
    20,904
    Rep Power
    503109
    Yes, if I have learned one thing from my mother it's BUY LONG TERM INSURANCE.

    I was able to lock into a great policy at work at age 50 that will adjust with inflation every year (important to ask). With this cancer crap I now wonder if we'll use it but my dh is 10 yrs older than me and even if I go irst with cancer...it would cover homecare or nursing home care if either of us needed it. I think it's 149.00/mo so not cheap but yeah, if you need it...priceless.


    FYI my mother's policy covers 4k a month (which is what her place costs in ks. YMMV) it lasts for 8 years. so it covered my dad for 2 years and now the rest is covering her.

  6. #6
    Moderator jen's Avatar
    Join Date
    Jan 2007
    Location
    Persisting
    Posts
    22,573
    Rep Power
    409415
    You never know, either. Car accidents happen and you could need care at any time.

  7. #7
    HI! Wise Old Goat's Avatar
    Join Date
    Jan 2007
    Location
    within a mile of home
    Posts
    50,129
    Rep Power
    429057
    I was looking into and I came across an article that talks about it. The planner consulted for this article recommends people don't get it - due to cost and the restrictions on use/coverage. This relates to Ontario where the cost is subsidized. Even with the patient only paying 35% of the costs though it's still pretty spendy. The hypothetical couple in the article would have a monthly premium of $210/month but they can only get the coverage if they meet a certain set of requirements.

    If at 50 one started putting $210/month in a bank account (that they could access in case of emergency) they would have $25,250 in that account by the time they were 60 (and over $50k by the time they were 70)- not including interest. However with costs of a private room being about $27k/year it may not be enough.

    Food for thought though for us - something I'm going to discuss when we meet with our financial planner later this month.

  8. #8
    Moderator jen's Avatar
    Join Date
    Jan 2007
    Location
    Persisting
    Posts
    22,573
    Rep Power
    409415
    If you need anything more than independent living in the US, it is about 5 to 6k per month. Most places are not subsidized. Those that are are just about institutions, as best as I've found near me.

  9. #9
    I flunked typing coachgrrl's Avatar
    Join Date
    Mar 2007
    Posts
    20,904
    Rep Power
    503109
    Quote Originally Posted by jen View Post
    If you need anything more than independent living in the US, it is about 5 to 6k per month. Most places are not subsidized. Those that are are just about institutions, as best as I've found near me.
    this is what we found as well. What was available to my parents because they had the insurance was much better. Also if you have one spouse who is older it makes sense so that you do not have to use your own resources and leave the remaining spouse broke.

  10. #10
    ••••••••••••• niccikatie's Avatar
    Join Date
    Jan 2007
    Posts
    4,664
    Rep Power
    140032
    We do not have it yet, but will buy when we turn 50.

    A story... My Dad retired at 56 - he was so excited to get to be home to take care of his lake house, mow the lawn, and do projects around the house. 1 year and some months later he began to have back pain. A long and winding road led him to 7(!) vertebral compression fractures and a diagnosis of multiple myeloma. At age 58, he faced his first stay in a nursing home due to the inability to control his pain and caregiver strain on my mother. It was one of the most difficult things my mom ever had to do. However, the burden was eased some due to their long term care insurance. It was not the easiest policy to figure out and there were some bumps but ultimately, it saved them a lot of money and stress.

    Everyone should consider buying it. Nursing home care and in home care are very expensive and exhausting to navigate. Long term care insurance can also be difficult to navigate, but it was a piece of mind when we needed it - WAY before we ever expected they would.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •