Wellness

[fthunt]

One added info - when I signed with GE they promised never never a premium price increase.  When GE sold to X - that promise was null and void.

[LonestarBabs]

I purchased LTC insurance through my employer when I was age 40, and finally this year (I'm 58) they doubled my premium. I'm keeping it but am shopping around.

My 91 year old mother has had LTC insurance for many years, and just this year we accessed her benefit for a part-time caregiver to assist her at home. I live with Mom and until now have done all the caregiving. We're going to keep Mom at home as long as possible, and with a licensed caregiver providing help with activities of daily living (ADLs) and other things as paid by her LTC insurance it's been a relief.

Keep LTC insurance. Shop around, but don't go without coverage.

[kaydee50]

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!!!

[KarenQVC]

@Winkk  Check out what the insurance REALLY covers in today's market.  I believe it is always better to have the money in liquid assets.  If you are willing to eventually go to nursing home on Medicaid, that is the way to go.

If you have few liquid assets, it may make sense to keep the LTC insurance. 

[Winkk]

Thanks all for your opinions.  It does help to get other people's thoughts on a subject.  At this point I'm thinking I'll keep it. 

[LilacTree]

Long term health care insurance might be the best financial decision I ever made.  I got it through my employer over 25 years ago (I am now 79), and they deducted the premiums from my wages, so I paid a lot in, but frankly, I just forgot about it. 

When I retired at 66, I continued paying the premium on my own.  Six months later I came down with RA (and so many other autoimmune diseases since then).  My social security alone would never support me, and my inability to do physical things for myself grows every year.  The LTC was a godsend. 

This happens to be a great policy.  I am allowed to have family members be my caregivers, and the policy will not terminate.  It is called "unlimited."  It is a substantial amount of money even though I live in my own apartment and one of my daughters lives with me.  If I ever have to go into assisted living, the policy will cover it (and some of you may already know, that could be $5,000+ per month). 

Unfortunately I am not as lucky with my life insurance policy.  They have been raising the premium every year since I turned 75, and twice I have had to "replenish" my account with a $1,000+ lump sum.  I've been paying into that policy since 1995, so I plan to keep it as long as I can although I despise what they are doing just because I hit a certain age.

Long term care insurance is very hard to get these days and very expensive.  The company I have it with no longer offers it, but I am "grandfathered" in (or should I say "grandmothered?" in . . . fortunately.

All I can say is the years go by very fast, and one can be totally healthy one year and very disabled and sick the next.  If you have it, keep it (my opinion) and if you don't have it and get the opportunity to find a policy you can afford, get it. 

[LilacTree]

---

@Winkk wrote:

Thanks all for your opinions.  It does help to get other people's thoughts on a subject.  At this point I'm thinking I'll keep it. 

---

@Winkk

Good decision!!  [See my post.]

[nyc1]

We definitely have it, and we also have it for in home nursing care should we need it.  It just doesn't require you to be at a facility.  It does cost more,  but it's an option my parents didn't take and should have.

[software]

Instead of thinking it has to be all or nothing, it might be a good time to review exactly what you have.   Be sure you  know everything covered & possibly not covered.   Also you may want to protect your assets in such a way that if necessary, you can just go on Medicaid at a skilled nursing facility.    But you can't use Medicaid if you have any assets.    There are many sources of information available.  You can start with an agent for your policy.   In my area there is a Council on Aging - free advice to tell you everything you may qualify for, how to access it, who to go to if you need more information.    There's no one right answer for everyone.

@Winkk

[lulu2]

My husband had it for many years.  I was rejected due to previous bout with breast cancer.  His premiums were reasonable.  About 10 years into the policy, the company was sold and the premiums were more than double.  He decided to cancel the policy.

My in-laws had a policy for a very long time.  After my MIL died and my terribly obese FIL, with numerous health problems became too much for my SIL to care for on her own, she decided it was time to use the policy for a part-time caretaker for her father.  They worked with an agency that offered only caretakers with limited English.  My FIL is a bigot, so this did not work out.

My SIL looked into getting his benefits for taking care of him fulltime. In order for this to happen, she had to become a certified home healthcare aid. 

My FIL is now 94 and plans to die where he is.  His policy has been no use to him.