Posted on 02/10/2019 6:22:29 PM PST by Be Careful
I am starting to look for long term care insurance with little success. Most of the plans seem to be cut from the same cloth....they want your money as long as you are young enough with no pre-existing conditions. Would any of you out there have information to share regarding consumer-friendly plans? Thanks in advance.
Can you claim membership to a bigger group? Veteran? Professional license? Volunteer firefighter? Etc.
They usually have a lower price.
Sounds like you’re trying to buy the insurance about the time the accident happens.
Good luck with that.
No...doing planning as far out as I can....
Have paid into ;long term care for 30 years Keeps going up if you want the inflation ryder. I have it through my employer with a few hundred thousand others. I have various problems and my wife is ten years younger. Afraid not to keep paying.
I decided to look into it late. No point in it then.
“they want your money as long as you are young enough with no pre-existing conditions.”
Yep. Why wouldn’t they? They probably lose money on Johnny-come-latelies who develop heath conditions in their 60s/70s and then all of a sudden want long term health insurance. Can’t say I blame them.
I have been paying in to a John Hancock long term care plan for many years. Cost is based on a statistics and cost model. The premiums go up each year as I age. I think mine pays $100/day. By the time I need it it will likely just cover part of what I need but it is something.
If you have any estate at all long term care policies will insure that the nurses, aids and nursing homes (or the government if you have to go the Medicaid route) won’t get your entire estate. Most people will get the premiums back if they live two or three years drawing on the benefits. After being questioned my agent told me that most folks won’t live past the 90 days of incapacity required to obtain benefits, so you probably will pay more than you get back. That being admitted it is better to have it and not need it than to need it and not have it.
I purchased LTC insurance for self and wife when in early 60s; am now 78. Premiums go up every two years I would guess 5-8%. I have read articles suggesting LTC has been a disappointing product for the industry and participant pool is decreasing. Having said that, it can help preserve an estate if nursing home or home health becomes necessary..as it has for a cousin and her husband that sing the praises of LTC insurance. I have friends that have bought $250-500,000 life policies in their late 40’s as an alternative to LTC.
My best friend passed away in November, and she had been paying into long-term care insurance (not sure what company) for around 20 years. The cancer had her withering away for a year, and she should’ve been in a care facility for at least the last three months, but she passed at home. When trying to arrange for long-term care through the policy, they threw up roadblocks every step of the way, and she never was able to use it. Thousands of dollars down the toilet.
DH and I had thought about signing up about 15 years ago, but didn’t. Now, just from my friend’s experience, it seems like a quasi-scam.
My Mom is 77 and has a forever plan with LOTS of money avail per month...10k? or more. OUrs is at 6k/mo and increasing.
I agree.....a ‘legal’ scam
Not necessary except when needed!
My dad was a near permanent non-functional after a bad accident. The stress my poor mom dealt with for almost 40 non-stop years was draining. Finances nearly depleted. Though unstated, I think she relished her end. Her options were few.
Give it careful thought—it might prevent financial ruin.
I purhased a BCBS Long Term Plan on 2008 from my insurance broker. I pay $253.97 quarterly. The price hasn’t raised one cent. I work in a nursing/rehab facility - LT insurance is great.
Change your perspective to that of the provider and then your search might have better results.
I’m 62 and just bought a $250,000 term life insurance policy. One benefit I was unaware of was a long term care clause. If I take a doctor certified one way trip into long term care the death benefit can be utilized in certain situations to pay for the care.
wow...good to know Thanks for the helpful information
I began to negotiate with Mass Mutual for LTC policy when I turned 65. They had insurance “nurses” call me and gave me a mental evaluation over the telephone which I failed (they were from Massachusetts and liberals). They also scrutinized my past medical history and turned me down because my history and family were a “risk”. I’m with minimal problems and wonder how anyone with any problems at all can get LTC insurance.
Jim Gallogly (415) 729-1770
Putting on my flame proof jammies now...
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