So let's hear the pros and cons of LTC insurance for me

[scfr]

It sounds like you are pondering a variety of retirement-related questions. If so, then may I recommend the book "How to Make Your Money Last: The Indispensable Retirement Guide" by Jane Bryant Quinn? It is very current (published this year). I get most of my books from the library, but this is one I bought and use as a reference. It contains a lot of sensible advice. Her book includes only a few pages on LTC insurance, but she makes a lot of good points.

For example, she writes about something I had not heard of, lapse protection. That is a way to make sure you are covered even if you forget to make a payment (which is a concern if dementia-related issues arise).

You may be in a position where you decide you are comfortable self-insuring, but your wife's situation may be a bit more iffy, so it's hard to say.

Regarding SS, have you and your wife not created accounts at ssa.gov/myaccount to check your Social Security statements? I'm a bit older than you and my "full retirement age" is 67.

[safari]

My wife only worked a few years as a teacher - she has spent most of her adult years as a stay at home mom. When you are a teacher, you pay into a private retirement fund - not SS - therefore you don't receive SS. Even if she had paid into SS, her benefits would have been negligible.

Your wife is still eligible for the spousal Social Security benefits. Below is a quote from the Social Security website.

Even if you have never worked under Social Security, you may be able to get spouse’s retirement benefits if you are at least 62 years of age and your spouse is receiving retirement or disability benefits.

https://www.ssa.gov/planners/retire/applying6.html

[Outdoorsygal]

This is called a Critical Illness Policy. It is offered thru my employer but they pay none of the premium for it. You may be able to get a similar policy on your own though, not thru employment. An

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Rounded to the dollar, you pay $359 per month to get $1723 worth of coverage. Links are below.

I ran some numbers for coverage for those WHO ARE 70+. The only difference between 65+ in age is the policy for the main owner is cut in half. Premiums stay the same from what I understand.

Premium for Main Policy Holder-$117.88
Spousal Premium-$241.50
---------------------------
$359.38 premiums per mo.

Coverage for your spoouse (since that is your focus and more likely)

$25,00 per year/$2083 month

Coverage-$2083 mo.
-Premiums-$359.38
-----------------
$1723.62 Coverage

[QuarterMillionMan]

Guys you won't find price comparisons on any website (not sure why). My insurance agent prepared this for my specific situation. Prices can vary widely with age and coverages. BTW these are annual premiums for a 45 year old male at the time with good health.

[QuarterMillionMan]

I chose Genworth.

[QuarterMillionMan]

IMHO, LTC insurance far outweighs trying to save on your own for nursing home costs. I hope to never have to use it but it'll be there if and when I need it. I'll illustrate a simple calculation here. Let's say I end up paying for 40 years of LTC insurance starting at age 45.

40 years x $1264 = $50,560 in total premiums (rate hikes in premiums a possibility)


At age 85 my lifetime benefit would be $492,750


For a daily benefit of $450 x 365 days x 3 years = $492,750


$50,560 vs $492,750

[QuarterMillionMan]

Texas the longer you wait the higher it'll get.

From Fox Business news;

[Outdoorsygal]

This is a really good thread, I learned alot!

[TexasHusker]

Texas the longer you wait the higher it'll get.

True, but I saved $17,000 by NOT buying it at age 55 and waiting until 60. It would take 17 years of the higher premiums before I've spent a dime of extra money.

[LivingAlmostLarge]

I think that LTC is going away because it's so expensive to the insurer.

[FLA]

so what have you decided after all the input? yay or nay?

[TexasHusker]

so what have you decided after all the input? yay or nay?

I think I'm going to wait a while...

[GrimJack]

Since I am single, when I went over long term care, it was explained to me that it was limited to a number of years (ie not permanent care) and limited by a dollar amount (I think he mentioned $240k). If you can scrape together $240k in a Roth account (or call it your emergency account) you might be able to self ensure. Definitely something to check with a professional.

[LivingAlmostLarge]

Actually depends on plan. A lot of LTC insurance plans went away because it was too much cost on the insurance companies. They lost money.