What's the consensus on LTC insurance?

[bennkar]

Same Here.

LTC is VERY expensive, but the median stay in assisted living is less than two years. Between family history and personal experience, I don't see the point in buying insurance. I may be biased being in a family who can far out-save any LTC costs they have had (or could possibly have). & I deal with this all the time with elderly clients, but living in a high-cost region, even the non-savers can easily cover with the sale of their home.

I would certainly adjust for family history.

Yes, if you can out save the costs, you are better off (I'd like to think I can do that too). Also consider you can get care in a LCOL area for a lot less, and all of a sudden your money can be stretched out quite a bit. The proceeds of selling my house would give me probably 5 years of LTC before I would even need to dig into my savings. And at least in my case, I have a pension and added to SocSec benefits that would probably cover 2/3 of what I would need. Adding in LTC ins. would just be overkill. As always... YMMV.

[MonkeyMama]

Yes, if you can out save the costs, you are better off (I'd like to think I can do that too). Also consider you can get care in a LCOL area for a lot less, and all of a sudden your money can be stretched out quite a bit. The proceeds of selling my house would give me probably 5 years of LTC before I would even need to dig into my savings. And at least in my case, I have a pension and added to SocSec benefits that would probably cover 2/3 of what I would need. Adding in LTC ins. would just be overkill. As always... YMMV.

Yeah, pretty much. It would have been overkill for absolutely anyone in my family. Everyone has different situations to deal with.

My family is from the Midwest, and several have moved back to the Midwest *just* for nursing care. I think being closer to family was also some of it, but the cost was definitely a huge factor.

[MonkeyMama]

I was actually in this mode until my dad was diagnosed with Alzheimer's three years ago.

"Very expensive" is relative. I was pleasantly surprised that LTC insurance for both me and my wife is "only" around $300 per month. And watching my dad burn through $7K a month for the last 18 months has been quite an eye-opener too.

He has about a $230K estate. Were it not for the insurance, subtract about $67K from that, with who knows how many more years to go.

Daunting.

Correction:

I was a little confused by your reply, but I see that I mistakenly said that "being in a family who can far out-save any LTC insurance costs they have had (or could possibly have). "

I meant to say:"being in a family who can far out-save any LTC costs they have had (or could possibly have). " I corrected my original post.

Sorry for the confusion!

[LivingAlmostLarge]

My mom was a medical social worker so she knows the ins and outs better than anyone else. She advises everyone she knows about SS, draw downs, etc. 35 years and she gets it.

She didn't buy it for her and my dad because of their ages and situation. They have a 20 year gap.

Now you have to be careful she tells everyone on what you buy. Are you buying something that has a max limit or cap on length of stay or price per day? Are you buying something that has a limit on in home nursing reimbursement versus a nursing home? Some do pay an aide to come in and care for the person. What is the overall quality of life and expectancy? Do you have a spouse able to care for you? Could they even care for you in the home? IE alzeheimer's often wander and need to be placed into locked wards even if healthy and able to live in a home.

She's advised her sibling to buy it and they did. One she did and not the other. So she really examines their financials, ages, health, family history.

I think you need possibly talk to someone who knows you and your family to determine what you might need.

My parents didn't buy it because my mom has a pension and SS and free medical for life and savings. Her sibling that did buy it also has a pension but different circumstances. So it really is a crap shoot.