Long Term Care insurance
03-04-2012, 10:39 AM
#1
Thread Starter
Long Term Care insurance
A personal question, but I was wondering how many of my Vintage friends have Long Term Care insurance? Barbara and I are looking into it right now. I'm inclined to get it, despite the cost. Do you have it? Have you considered it?
03-04-2012, 10:49 AM
#2
Don't have it, can't afford it. We have to opt for Plan B. Get sick, pay until we're broke, then go into the nursing home on the "dole" . The American dream gone awry. 
03-04-2012, 11:22 AM
#3
Considered it some years ago and decided against it. It is very expensive and was not worth it for me personally. But my attorney had one under General Electric and he recommended that plan. I think it's called Genworth, not General Electric.
03-04-2012, 11:47 AM
#5
no
03-04-2012, 11:58 AM
#6
My father in law is currently being warehoused in long term care.
For myself, I plan a rapid demise.
For myself, I plan a rapid demise.
Trending Topics
03-04-2012, 12:51 PM
#9
Bill;
Both Dorothy and I have LTC policies, albeit from different companies. I got mine 14 years ago when I retired. It will pay about 1/2 of current nursing home costs and will also pay for at home assisted living costs at 1/2 max payout rate. I've only had two rate increases during that 14 years and they weren't bad.
Is it worth it? Family members on both sides either die young [we're no longer in any danger of doing that] or live well into their 90's. Total premiums to date for my policy would have covered only 4 months at a decent nursing home. That, I believe, is about the norm for nursing home stays. On the other hand my wife's aunt just died a couple of weeks ago one month shy of 103. She had been in a nursing home for 5 years [most of it on medicaid].
I've noticed that a couple of insurance companies have recently gotten out of the LTC business......not making enough money I guess.
So, if you decide to buy policies make sure you go with a well established company with a GOOD financial rating and a policy clause that states what happens if they later decide to get out of the LTC business.
"You pays your money and you takes your choice". Good luck.
Both Dorothy and I have LTC policies, albeit from different companies. I got mine 14 years ago when I retired. It will pay about 1/2 of current nursing home costs and will also pay for at home assisted living costs at 1/2 max payout rate. I've only had two rate increases during that 14 years and they weren't bad.
Is it worth it? Family members on both sides either die young [we're no longer in any danger of doing that] or live well into their 90's. Total premiums to date for my policy would have covered only 4 months at a decent nursing home. That, I believe, is about the norm for nursing home stays. On the other hand my wife's aunt just died a couple of weeks ago one month shy of 103. She had been in a nursing home for 5 years [most of it on medicaid].
I've noticed that a couple of insurance companies have recently gotten out of the LTC business......not making enough money I guess.
So, if you decide to buy policies make sure you go with a well established company with a GOOD financial rating and a policy clause that states what happens if they later decide to get out of the LTC business.
"You pays your money and you takes your choice". Good luck.
03-04-2012, 05:10 PM
#10
I have a policy. My ex called it our "diaper care."