Re: Long Term Care Insurance

LilacTree · ‎03-25-2012

@Hoovermom wrote:
@LilacTree wrote:
I didn't realize this was an old post and I had already posted on it. So I basically said the same thing twice!!
@LilacTree: I am glad to see that you are collecting on your policy. If I recall, weren't you having problems with it and almost risked losing it over increased rates?

@Hoovermom

That was my life insurance policy which is still giving me fits. Completely different policy. I have never had a problem with my Long Term Care policy.

Formerly Ford1224
We must always take sides. Neutrality helps the oppressor, never the victim. Silence encourages the tormentor, never the tormented. Elie Wiesel 1986

SeaMaiden · ‎03-10-2010

When Husband retired last June, we went to a reputable financial adviser and looked into buying LT health insurance when we set up or retirement plan. We found that it really did not cover for much compared to what you are paying into it. You need to read between the lines....

It was better for us to invest that extra 12 to 14 thousand dollars a year....and just pay out of pocket for the same care if it came to that . If something happens to one of us sooner....we can afford the care ourselves the way we have our retirement portfolio set up.

I think many people are not seeing the whole picture of what is covered and what is not....they are paying way too much!

SeaMaiden · ‎03-10-2010

@castlenv wrote:
We don't have LTC insurance. We have no children but we do have significant assets. It seems to me that there are too many loopholes in LTC, e.g., premiums raised unreasonably, the insurer goes out of business, etc. We are looking into life care communities but those too have problems as we recently found out. I'm glad we didn't buy LTC insurance when we were younger. The money saved has been invested and hopefully we'll both drop dead---LOL!!!

@kaydee50 See my post....we also have no children. Same situation as you. It is better to pay when you need it by allocating the funds from our assets.