Can You Afford Long-Term-Care Insurance?

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Cohtbdgu of VA @ Oct 27, 2009 12:22:00 PM

Long care insurance

I was informed my long care insurance would go up

$500.-- a year starting in October. I called them, I was

informed they could raise it every year $500.--

They should be required by law, a cap on this. I don't

take any medicine, 82 years old and work full time to

keep up with the bills. Mostly the ones breaking me is

the insurance.

Something has stop the constant increase in premiums.

Marjorie M Hicks of IL @ Sep 26, 2009 10:24:36 AM

LTC Must be included in health reform

It is an insurance scam and I didn't purchase it. I am very healthy and get the privilege of giving them $2,244 a year for the next 30 years until the actuarial tables say I might need a nursing home. THEN THE MAXIMUM TIME THEY WILL cover IS THREE, YES, (3) years after which time you must go on Medicaid. My TLC insurance rep told me they make you sign this form when you enter on the first day of your admission and it kicks in when your private insurance runs out. At this time the state of NJ will then check to see if you gave any money, jewelry or other assets they consider income to your children in the last 5 or 7 years. IF YOU DID THEY PENALIZE YOUR CHILDREN AND MAKE THEM PAY FOR A TIME FRAME BASED ON A FORMULA THEY DEVISED. The bottom line is IF YOU WERE AND ARE FINANCIALLY RESPONSIBLE YOU GET SCREWED AND IF YOU BOUGHT A HOUSE ABOVE YOUR MEANS, ATE OUT ALL THE TIME, VACATIONED FREQUENTLY AND GOT ACRYLIC WRAPS, COACH BAGS AND WERE FISCALLY IRRESPONSIBLE AS USUAL THE GOVERNMENT WILL PAY YOUR WAY.

YOU FIGURE OUT THE MORAL OF THIS. IT ISN'T DIFFICULT--HAPPY VACATION!!!

Ja Moor of NJ @ Sep 16, 2009 23:04:35 PM

LTC Insurance

It is entirely too expensive relative to the benefit. There are too many rules and qualifications and exceptions and optional coverages. For an average couple at 65 years old, you can easily pay premiums of $500 to $600 per month. It's just a rip-off money maker for insurance salespeople and insurance companies. There should be regulation of this aggressively predatory insurance scam.

Jim L. of CT of CT @ Jul 29, 2009 10:49:34 AM

Research 10 years paid, or premium reduction at age 65

Very hard to find articles on 10 years paid, but there are plans where you do not pay preimums forever...

To learn more about long-term care insurance, 10 years paid up and premium reduction at 65, be sure to contact an expert who specializes in long-term care insurance.

TAB of MO @ Jul 29, 2009 10:48:05 AM

Long Term Care

If you are broke, you don't need LTC. Medicaid will pay. If you are a millionair, you don't need LTC because you can afford to pay the $4000. a month, but if you are anywhere in between, you need LTC. A few years at $48,000 per year would ruin my portfolio. I pay about $240 per month for a policy that will cover both me and my wife for 4 years at $4000 per month, has a 5% inflation clause and will be completely paid up if one of us dies. With this policy, I know I won't have to depend on my kids to care for me or their mother.

Wiley Jack of GA @ Jul 29, 2009 09:24:38 AM

LTC

It seems you have to pay the cost of insurance for a long time. Who knows what will happen in 20 years the company may go bankrupt or change benefits after you've paid for a long time.If you have heirs it is probably better to transfer property to them and keep a life

estate in your home so you can live in it for the rest of your life if you are able. I believe you have to transfer property 4 years before you can qualify for medi-cal in

California, so you would need to keep that in mind. That way if you've spent down

all other assets to the minnimum if you have no living spouse. I believe you only have

to spend down half your assets if you still have a spouse who needs them and you can keep the house if a spouse will remain there after you go into a nursing home.

P. Degregory of CA @ Apr 15, 2009 16:26:36 PM

LTC not needed

"Just 7% of all women who are healthy enough to qualify for long-term care policies will need long-term care for more than two years, according to the American Association for Long-term Care Insurance, an industry group. Only 2% of men will need it for more than two years." (from http://www.usatoday.com/money/perfi/eldercare/2007-06-27-elder-long-term-care_N.htm)

And there are so many stories about insurance companies that run these plans as ripoff profit centers, I am really relucatant to spend any money on LTC insurance. Remember, too, that most policies have a limit of 4 years, so if I end up needing LTC for 10 years, I will probably be no better off financially than if I never had it.

Lee Cornell of MN @ Mar 18, 2009 13:47:15 PM