How many have considered long-term care insurance?

[Like2Plan]

But why do I need LTC at age 40? The odds of me requiring care are infinitesimally small. Even at 50, I'd think the odds are quite low.
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DS,
In my opinion, age 40 is a little bit young to sign up for it. I signed up for my policy just before I turned 49. (Age 50 seems to be the time everything starts falling apart. )You being a Dr., you probably have a better handle on the actual statistics.

[Gruntina]

The biggest misconception of the long term health insurance is that people think, once you have it, you’re covered for the rest of your life.

It can only cover so much and there is a max amount dollar amount you are insured up to. In my case of crunching the numbers, If I was in a car accident and injured for life where I needed help with dressing and eating or had cancer.... I would need to use my daily max limit and would run out of the insurance max in 5 years!

If it is a smaller injury and not need the max daily limit, then it can spread out further. LTC insurance is only a supplement to your existing health insurance and you will still need that later in life.

Usually the max daily limit is between 300 - 500 dollars a day and that sounds like a lot. If you really think about it, the cost of using the hospital facilities, hiring someone to help you dress, eat, get groceries, prescription, physical therapy... all adds up pretty fast!

It seems to be a terrific deal only for those who had unexpected health issue shortly after being on the plan


I am all for having some sort of long term health care but there is yet to be a plan out there that fits the bill reasonably.

[disneysteve]

Gruntina - I'm not sure of your point. Are you saying LTC isn't needed, or isn't a good deal, or just trying to point out that it doesn't cover everything forever?

You also seem to be blending LTC expenses with regular medical insurance expenses. Prescriptions and physical therapy, for example, would be paid for by your medical insurance, not your LTC.

[Like2Plan]

Gruntina,
All these variables depend on the terms of your policy.
You can get a 3 year maximum, 5 yr maximum or unlimted, increasing coverage with inflation, et'c. There are also policies which have a joint component to it for husband and wife.
I believe the average stay in long term care is about 2 or 3 years.

Link to Metlife (one company which offers LTC)

[imfreak]

in the previous years, very few Americans consider long term care insurance due to lack of urgency and insufficient info on its advantages. however, when Americans witnessed the drastic effects of lack of planning, the number have increased, though not that much. Many insurance companies and private organizations are working hand in hand to educate the public about the consequences of not preparing for ltc

[Thrif-t]

in the previous years, very few Americans consider long term care insurance due to lack of urgency and insufficient info on its advantages. however, when Americans witnessed the drastic effects of lack of planning, the number have increased, though not that much. Many insurance companies and private organizations are working hand in hand to educate the public about the consequences of not preparing for ltc

Yep this is absolutely true in my case.DH's grandparents had to be put in a nursing home for 4 years both together, went thru all they had saved all those years. DH's parents however did not learn from that experience and now DMIL is in nursing home and FIL is going thru all he has. I however will not let history repeat itself with us. I've taken out a LTC policy thru my work benefits. Although for now I only have it on my DH and am prepaying the plan in 10 years. At that time I will look into getting a policy for me. I'll be 54 and hope the cost won't be too prohibitive. But odds are with the illnesses that run in DH's family he may need nursing home care before me.

[dczech09]

Like other types of insurance, LTCI's cost is derived from the cost of long term care. A nursing home stay averages in the neighborhood of $40,000 per year. And that is a pretty standard facility with standard services. So of course the insurance coverage itself is going to be a pretty penny.

One thing that absolutely grinds my gears is when someone refers to an insurance policy being a bad investment. INSURANCE and INVESTMENT are two different things. You should not be looking for a return on investment with an insurance policy. Just like DS stated earlier, you buy insurance based on the coverage and not so much based on cost. Stop viewing insurance through the scope of investment.

Whether or not you need LTCI comes down to one question: if you or your spouse came into a need for long term care, could you afford it yourself? If you can afford it, do you want to pay it yourself?

Now obviously any one person's need for coverage will vary and you will not know your need for coverage until the event occurs (at which point you become uninsurable). So we must look at the worst case scenario. Can you afford the worst case scenario? There is your answer.

Is it expensive? Yes. But so is health insurance. I am a very healthy person who runs everyday and stays in good shape. It isn't likely that I will go to the hospital enough to compensate for the money I pay for the insurance. However, God forbid that I ever ended up in Chemo-land, I will be VERY HAPPY that I have insurance in place. The same should go with LTC.

As for an age to buy it... I will do my own research and formulate my own opinion. But from what I have read thus far, it is generally advised that you buy in between the ages of 55 and 60. This make sense as the likelihood of requiring long term car prior to 60 is very slim to non-existant.

[krantcents]

I bought LTC insurance roughly three years ago. My prime motivation was seeing my mother in a Dementia unit at a cost of nearly $7,000 per month for years and that was 6 years ago. She was nearly 99 years old when she died and exhausted her savings.

[graceful]

Something to consider for sure but we couldn't afford it at our ages 42/44 for sure. Still paying off our house with 2 kids' colleges coming up.

DH's grandmother is in her 90's in excellent PHYSICAL health but has dementia. She lives in an apartment in the basement of a 3 family house with DH's one aunt's family and one uncle's family living upstairs. The other 2 siblings who live out of town visit often and support financially. They have someone stay with grandma 24/7 because she has a tendency to wander off.

DH's parents are relatively young - early/mid 60's. I'm not sure what they have planned for LTC but they are planners. They were able to retire early about 10 years ago. If they need LTC and haven't planned for it, they will live with DH's brother or sister and we would send financial support. They live out of state down the block from DH's sister's house now and help watch her brood of 4 kids.

My parents are in ok health and are 66/75. I am an only child. If they need LTC, they will live with us. I will either need to take care of them myself or hire someone. The most likely scenario is that they will live with us and one of them will take care of the other.

We still have 2 older generations to consider before we even think about ourselves at this point.

I guess we are lucky to have a family support system in place. However, who knows what will happen with us and our kids' generation...

[iWilliams311]

Advantages of Long-term Care Insurance

I only considered long-term care insurance after I became a caregiver myself for my dad. I saw how our life savings slowly disappeared and my siblings and I frequently argued about his care. I wanted to have some financial protection in case I end up needing care and I don't want my family fighting over whose turn it is to stay with me and cook me my meals. I read stuff online and finally started requesting long-term care insurance quotes so I could compare policies. Premiums can be expensive so it's best to get the quotes online from brokers who can give you several quotes in just one request. You can review these quotes in the quiet of your home without an agent breathing under your neck trying to convince you to sign a policy. At the end, you just have to remember to buy only what you can afford.

[cschin4]

I haven't considered it but it makes sense. When my mom needed Assisted LIving and skilled care it was over $10K per month. She was a widow so she had resources to use. But, if you are married, then you could potentially lose everything. I didn't mind the State taking her assets. That is what they are for. And, luckily she had enough so that gave her choices. For instance, she could afford a private room. And, at one home, I didn't feel she was getting the care she needed so I was able to have her moved the NEXT day. Money gives you choices, even at the end of your life.