Dealing with my mother's situation has me to thinking about Long tem Care. Should a person buy it? Is so they offer different lengths of benefits, so how many years? In my opinion it is not like life insurance in which you know you will die, a person may never go to long term care though. We spend so much on insurance it scares me. Any one bought long term care insurance? What is a good age to buy it at?
Long Tem Care Insurance?
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slick4591
Well-known member
My MIL has it and is currently using it. It was a struggle to get them to pay, denying every claim. The wife finally went to the state board of insurance and whatever they did the insurance started paying.
I don't know all the particulars but her's only pays a percentage for nursing homes with a max payout for six years. In home coverage is another percentage for life. I'm sure there are different policies out there.
I don't know all the particulars but her's only pays a percentage for nursing homes with a max payout for six years. In home coverage is another percentage for life. I'm sure there are different policies out there.
My mother refused to buy any, and never discussed it with my sister and me. We looked after her at home for seven years. She got to where she had to have so much assistance until the doctor told her she had to go. She went in April 2013 and is still there costing her $2100 a month. She is in a wonderful place just a mile from her home. I know this is much less than it costs in a large city. We are in a rural area in Middle GA, but that still adds up. She is ninety now.
When I retired in 2007, I took it for my husband and myself. I was 63 and he was 65. My aunt and uncle had it and it really paid well for them to stay in a wonderful assisted living in a larger city in our state.
I was afraid not to take it with so many bad things happening to people in their fifties and sixties. My policy is through a group that writes policies for teachers. I pray it will pay, if we ever need it. If we live long enough, we will. We have one child and she lives a very busy life in New York, and I would never won't to be a burden to her.
Yes, I would advise anyone in their mid- sixties so check into a good policy. Do not procrastinate. We never know. It is best to be prepared.
When I retired in 2007, I took it for my husband and myself. I was 63 and he was 65. My aunt and uncle had it and it really paid well for them to stay in a wonderful assisted living in a larger city in our state.
I was afraid not to take it with so many bad things happening to people in their fifties and sixties. My policy is through a group that writes policies for teachers. I pray it will pay, if we ever need it. If we live long enough, we will. We have one child and she lives a very busy life in New York, and I would never won't to be a burden to her.
Yes, I would advise anyone in their mid- sixties so check into a good policy. Do not procrastinate. We never know. It is best to be prepared.
John SD
Well-known member
I purchased LTC insurance at age 35. Premium stayed level around $900/yr but now is up to IIRC $1600/yr.
There is a 90 day "deductible" where I would have to pay the nursing home myself until the policy kicks in. Also is a 5% per year increase in the benefit paid. Seems it is currently around $280/day.
Not saying what I bought is the best coverage, but figured I should have something. Glad I bought when I did because I'm probably uninsurable now. :roll:
IMO, the earlier you purchase the better. The premium costs escalate quicky if you wait until you are in your 60s or older.
There is a 90 day "deductible" where I would have to pay the nursing home myself until the policy kicks in. Also is a 5% per year increase in the benefit paid. Seems it is currently around $280/day.
Not saying what I bought is the best coverage, but figured I should have something. Glad I bought when I did because I'm probably uninsurable now. :roll:
IMO, the earlier you purchase the better. The premium costs escalate quicky if you wait until you are in your 60s or older.
John SD
Well-known member
The problem I see with Dave's advice to wait until age 60 is that my current health limitations would likely not allow me to purchase LTC insurance at any price.
D2Cat
Well-known member
Some ins. policies offer a rider for return of premiums if the policy is not used.
We had a policy to cover cancer with such a rider. After 20 years and not using it we got a large portion of the premiums paid returned, We still have the same police for coverage with no more returns available at a reduced price.
We had a policy to cover cancer with such a rider. After 20 years and not using it we got a large portion of the premiums paid returned, We still have the same police for coverage with no more returns available at a reduced price.
That is a general average... not a one size fits all. If your health is sub-par you need to adjust. If your wealth is above average you need to adjust. ;-)
Rafter S
Well-known member
Brute 23":2fccttgg said:
You beat me to it, and I'm glad to see I'm not the only Dave Ramsey listener here. Speaking of which, have you ever heard him go off on people who call asking how to hide a family member's assets when they go into the nursing home?
Rafter S":3ta8x6ey said:
Yes sir. I spent a lot of time in the vehicle for the past 5-7yrs. Wasn't many days I missed.
We actually play Dave Ramsey at work. The guy I hired to be my right hand man has been listening for several years also. We got two new hires hooked. The other day one of those calls like that came in while we were doing reports... We all just started laughing and shaking our heads... We all knew what was coming.
I am sure there are better or just as good of plans out there... I just didn't know of one so I went with his. There are things I adapt slightly for my particular situation but if you are able to do what he says it will get you to a better place. Even if you aren't a hard core debt free person, he gives great advice on insurance, savings, finances, taxes, dealing with employers, dealing with employees, dealing with your kids, your wife... just living life in general. As a young person he talked about things that weren't talked about in school or at home.
I have LTC insurance, but could not get my wife to sign up. She said she would not need it, but I would probably. She passed away a year ago--collapsed in the middle of the night. She is smiling down right now. Still, I would recommend all to get it prior to 65 if they can.
