Long Term Care Insurance-Worth It?

[krautski]

I'm 66 and wife is 59. We have a modest amount saved and are both retired.

We're looking at Long Term Care Insurance, but it seems awfully expensive for what you get. Also, with the present administration screwing around with healthcare, I'm wondering if it is worth it.

 

[gunlovingirl]

That's a hard one to answer. A lot of it depends on your health, and your family history. Also, read all the fine print. Maybe someone here has Long Term Care Insurance, and can answer better. I think there's a lot of considerations as to if it would be wise. Each person's situation is different. I'm with you on the concern with our current Social Security/Medicare program and benefits. The current administration has mentioned cuts, and that scares me. All the best to you and the wife.

 

[feralmerril]

I have it. Started buying it about in 1999 for $666 a year and am locked in. I am not exactly sure how much it pays but understood it about covers everything after a couple month stay. I am now 68. My conditions are different now as I am married but was single when I took it out. Wife is 51. Its just on me. At the time I did it to really protect my daughter with my estate. Every financial book I read said to buy it.
Its like this. If you have a huge estate and want to protect it for your heirs, buy it! If you dont have much to leave, save your money! If you get alheimers or a stroke and need to live in a convalasent home, if you last a long time it will wipe you out, I dont care how much you have ammassed! (without LTC). I had a uncle who got alzheimers early and lasted about 15 years! He knew absolutely nothing and was a dead person liveing! At a average of about $5,000 a month, it would have cost the family a million! Of course, my aunt is poor as a chuch mouse! Now he got the same care as he didnt have LTC as probley a millionair would have. Only the millionair wouldnt leave a million if he didnt have LTC! If you have a lot you want to leave, get it. If you are just getting by, save your money! I am going to keep mine, as I am locked in at a relatively low payment. My wife is a lot younger and probley would keep me home and tend me, (I told her not too). Also, when I took it out I was worth twice what I am now. (not anymore because of the melt down). My aunt took care of my uncle for about 10 miserable years at home. Finaly he was soooo bad she had no choice but to put him in. She had never drove a car, but as he started to get it, he knew he was in for it, as his dad had also had it bad. He made her learn at get her license. She drove every day to his death about a 25 mile round trip and sat with him and fed him. I dont think he knew who she was! Right after he died, my dad came down with it! She faithfully then did the same with my dad for about 3 years! She was my dads kid sister, about 20 years younger. They lived in the same little town. Dad got it in his head that she was his daughter, not kid sister! My sister and I both lived in california, him in wisconsin, and we both were still working. Mom was gone already about 10 years. My aunt was/is the best! Yes, sis and I bought her a new car etc, but you cant repay love and duty like that! Sorry, I got carried away.

 

[n4zov]

My wife and I purchased long term care insurance from TransAmerica about 20 years ago and thankfully have never needed it. You are right, it is expensive but nursing home care is absurdly expensive. Our premiums have increased every three years but the benefits have not increased very much. In recent years we have both developed some serious medical problems that have made us glad we bought the policies, and we would not think of dropping the coverage. Those medical problems would preclude us from getting the kind of coverage we have and there is a very strong probability one or both us will eventually need the insurance.

My suggestion is to very carefully study the policies that are available and what benefits they offer. Also, I would be careful to select a company with a good reputation and a long track record of standing behind what they sell. Be sure and ask about what kind of premium increases they have had in the past.

You may find this helpful in making a decision:

http://www.longtermcarelink.net/a9insurance.htm

 

[HOUSTON RICK]

It is a contract, be sure that you are not prevented from recovering on disabilities and illnesses that you reasonably can expect with your history and health. A baseline decent full care rest home runs at least $4,500 to $5,000 a month without medical costs.

 

[Black69]

My Dad had it on my Mother. She ended up with Alzhiemers and was in a care center and a long term center in the hospital. This was over a period of eight years. At over $4500 a month plus medication and Dr.s, well you do the math. It was worth it in our case.

 

[GatorFarmer]

Depends on whether you want to end up in a nursing home or else exit on your own terms. That's a quality of life decision that is a personal matter.

 

[growr]

I AM a licensed agent/ Financial Services Rep. actively selling Long Term Care for a major provider and also had the recent of having my mom live with me for the last 6 months while she was undergoing medical treatment.
What I have learned from all of this is that no matter what my heart, mind and soul says...I cannot provide the type of care that would be needed if she fell. I cannot pick her up without risking additional injury. I am not an EMT. I am NOT the person to bath my mom even though I love her with all of my being. I am NOT the person to administer shots, or meds. I am NOT the person to see to it that she makes it to the bathroom. I am NOT the person to take care of things if she doesn't make it to the bathroom.
Long Term Care is a great solution for many people. In almost all cases you receive far more in return than what the expense of the premiums were. Often that line is crossed in 18 months or less.
Consider the alternatives....If you don't have it...then what? You spend down your own assets...here in Montana that is at the rate of about $200.00 a day. In no time significant assets are gone. Then you can apply for Medicare/medicaid.
It now makes sense to me to take 3-5% of your assets to protect the remainder for your family. I know that I am sounding like a sales rep. here.....that is not my intent. I know now that I cannot do what I thought that I would be able to do. Add to the equation Alzheimer slowly creeping in as well a newly diagnosis of being a type 2 diabetic and she has a lot on her plate and now mine.
Long Term Care unfortunately is not available to her at any price!

If you still qualify for it, TALK to a rep soon with any of the major providers. You will NOT regret it.It IS a conversation well worth having. wishing I had done so years ago, my mom's circumstances could be very different now.

Just my opinions after a rude awakening...

Randy