linuxuser wrote:Life insurance, yes, cancel.
As for LTC, I wouldn't be so quick to jump the gun.
Have you actually priced out how much it would cost to put her in assisted-living?
How much does the LTC pay in benefits? Is the company solvent?
Are you willing to pay all of nursing home care if that is required?
If not, is your wife, willing to see her mother in a Medicaid facility?
Just one point of clarification from a Nursing Home Administrator... Most nursing homes are dually certified for Medicare and Medicaid. Under federal law a resident receiving Medicaid benefits must be accorded the same treatment as a resident who is receiving Medicare or paying with private funds. The only difference is that the Medicaid resident will not have a private room. Most rooms in a nursing home have two residents. A nursing home provides 24 hour / day skilled nursing care with at least one RN on staff at all times. An assisted living does not usually have an RN in the building 24 hours / day and provides nursing related services ala carte.
LTC insurance IMHO is prohibitively expensive and getting more so. Insurance companies are trying to get out of the business or are raising premiums. However, I would recommend the insurance if anyone has a family member who has a family history of dementia (Alzheimer's). There you have a likelihood of a long term stay in a nursing home at the end of life for a number of years. Most dementia residents at our home are Medicaid recipients for this reason. However, they are cared for just as we care for someone who is short term paying with private funds.