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Regular Contributor
Posts: 236
Registered: ‎10-09-2010

I should have looked in to this sooner, but I will be turning 65 in a few months and  realize that long term care is something my husband  and I need.  I am sure the cost is more expensive the older you enroll. Does anyone have any recommendations? Suggestions? Experience with? Pros and Cons?   Any input would be appreciated. Thanks 

Valued Contributor
Posts: 711
Registered: ‎03-10-2010

You need to go to an eldercare attorney.They will show you how to save your assests should you require extra care. You can't really get proper answers from "strangers".

Respected Contributor
Posts: 4,306
Registered: ‎03-09-2010

Believe it or not dgluvr you as a stranger might of just helped her. Sorry for what you are going thru pggoody, I have no advice for you but, someone might. 

Valued Contributor
Posts: 755
Registered: ‎06-01-2010

Long-term health care insurance is exorbitant.  When it comes to our health care costs as we grow older, we're caught in a catch 22.  Sad, but true.  Either way we go, it cost a lot if we ever get ill enough to need a nursing center or paid in-home care.   Then what happens if you invest all that hard-earned money into long-term health care insurance and you never need it at all?  It's gone, and you could have been enjoying life a bit more if you'd had the extra $$.  Smiley Sad

Honored Contributor
Posts: 12,058
Registered: ‎03-09-2010

At this point, I. too, would tell you - strongly - to talk with an attorney or a financial planner.  LTC is expensive and getting more so because the LTC industry as a whole is having trouble making a profit in spite of steeply rising premiums.  I do have a policy because as a childless single I am more likely than many others to end up needing care.  My premium stayed stable for 15 years, but I just wrote my annual premium check - up 30% and it was that "little" because I reduced the inflation aspect of my benefit accumulation.  They wanted a 60% increase to keep my original plan.

 

There is so very much we need to know before any advice beyond pushing you to get advice makes any sense.  We'd need to know all kinds of things that are none of our business.  A planner or attorney will look at the whole picture of your income, your assets, your health, your family health, your dependents, etc. before giving you advice.  

 

There is also lots of good reading available assuming you can match your wants and needs to the examples they give, but knowing you are likely to spend $40,000 or more to insure yourselves before you ever start to collect, it's worth spending time and also money to know what you're doing before you buy anything.

 

Do NOT take advice from someone who doesn't know all that about you and don't take advice from a LTC salesperson - please.

 

Respected Contributor
Posts: 3,396
Registered: ‎03-15-2010

This is a very expensive and complicated insurance, MANY have more cons than pros. 

You need to find an Eldercare financial planner to review your needs  and the "fine print" of such policies.  This is an area that varies by state.

I have known several people who paid tens of thousands into such  polices over years only to find out as they aged they could no longer afford the VERY steep premium hikes.  Such a shame.  There has been a lot of changes to the regulations of many of these policies.

Trusted Contributor
Posts: 1,804
Registered: ‎05-08-2012

@millieshops wrote:

At this point, I. too, would tell you - strongly - to talk with an attorney or a financial planner.  LTC is expensive and getting more so because the LTC industry as a whole is having trouble making a profit in spite of steeply rising premiums.  I do have a policy because as a childless single I am more likely than many others to end up needing care.  My premium stayed stable for 15 years, but I just wrote my annual premium check - up 30% and it was that "little" because I reduced the inflation aspect of my benefit accumulation.  They wanted a 60% increase to keep my original plan.

 

There is so very much we need to know before any advice beyond pushing you to get advice makes any sense.  We'd need to know all kinds of things that are none of our business.  A planner or attorney will look at the whole picture of your income, your assets, your health, your family health, your dependents, etc. before giving you advice.  

 

There is also lots of good reading available assuming you can match your wants and needs to the examples they give, but knowing you are likely to spend $40,000 or more to insure yourselves before you ever start to collect, it's worth spending time and also money to know what you're doing before you buy anything.

 

Do NOT take advice from someone who doesn't know all that about you and don't take advice from a LTC salesperson - please.

 


I agree.  I took a very minimal policy out in my late 30's through my employer and it was a portable policy.   I am now in my latter 50's.  I keep it because I too am single and may well need it someday with no one to care for me.  My premium has gone up in increments over the last two years - each year 20-25% until 2017.  Then I hope it will stop.  However,  I feel it is worth it because the policy is not just for when you are a senior needing care, but if you get sick and can't work, have an accident, anything that requires exactly what it states "long term care".  One hopes you never need to use it, but having it makes me more comfortable.  Yes, I'd rather have all that $$$ in my bank account, but if the day ever comes when I am incapacitated (and I hope I never am) I will be happy to have that little extra.

Honored Contributor
Posts: 8,285
Registered: ‎03-10-2010

We paid nearly a million dollars to pay for my mother's care in the 6 1/2 years following her broken hip.

 

DH wanted LTC insurance and we have it. The cost of MY policy was reduced by about half when I lost weight.

 

Whatever you decide to do, take all the steps you can to be as healthy as possible as you age.

Honored Contributor
Posts: 12,058
Registered: ‎03-09-2010

@Ladylaughsalot-  Yes, you could use the insurance money elsewhere, but isn't that true for all insurances?  For example, I've been paying for car insurance for just over 50 years now.  I have no idea what the total cost for that coverage has been to date, but I can state with certainty that I'm unlikely ever to recover anything near what I've spent to date and with any luck with my eyesight, I will pay another $15,000 or so before I have to give up driving.  Also with luck, I'll never recover a penny of those dollars either.

 

But - the underlying truth of your post is good because some people need LTC and some don't.  Too many don't understand which category they're in and why. 

 

One general rule is that if you have to scounge to find the money to pay the premiums, you PROBABLY should not buy LTC. 

Honored Contributor
Posts: 28,986
Registered: ‎08-23-2010

@Charm wrote:

Long-term health care insurance is exorbitant.  When it comes to our health care costs as we grow older, we're caught in a catch 22.  Sad, but true.  Either way we go, it cost a lot if we ever get ill enough to need a nursing center or paid in-home care.   Then what happens if you invest all that hard-earned money into long-term health care insurance and you never need it at all?  It's gone, and you could have been enjoying life a bit more if you'd had the extra $$.  Smiley Sad


 

 

No one has a crystal ball, but I bet you have auto insurance and home owners (or renters) insurance because something "might" happen!    Are you recommending to drop auto and home insurance, too?

 

The purpose of LTC insurance is to protect assets .........  many people with modest assets will simply "spend down" and then go on Medicaid.    

 

Only a financial advisor can help determine whether this is a good choice.