long term care

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parhur
Posts: 28
Joined: Sun Nov 16, 2008 8:49 pm

long term care

Post by parhur » Fri Sep 22, 2017 11:03 am

Does anyone have advise on long term care. i am 58 should my wife and i look into it. Is it needed? Any thoughts or advise.

littlebird
Posts: 1391
Joined: Sat Apr 10, 2010 6:05 pm
Location: Valley of the Sun, AZ

Re: long term care

Post by littlebird » Fri Sep 22, 2017 11:08 am

Are you asking about long term care insurance? If so, use the search function for several threads on the topic.

pinecone
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Joined: Fri Nov 07, 2014 9:19 am

Re: long term care

Post by pinecone » Fri Sep 22, 2017 4:13 pm

There are lots of opinions on this, and I'll share mine. :happy
One thing most of those opinions do NOT consider is long term care (LTC) for the near term, meaning in the next few years, as opposed for the far term, when you're really old.

My husband and I are in our early 50s. I had the opportunity at work to buy into a relatively inexpensive group LTC policy for both of us. This policy takes effect immediately. It also allows us to discontinue paying premiums after 10 years, at which point we would still be able to collect up to a certain amount of LTC insurance even though we're no longer paying any premiums.

I bought this policy because I am more concerned if one or both of us needs LTC in the near future, because right now we are in our peak earning years. If all goes well, and we stay healthy for the next 10 years and can continue to save at the rate we're saving, then we won't need to worry as much about paying for long term care when we're much older.

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sometimesinvestor
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Joined: Wed May 13, 2009 6:54 am

Re: long term care

Post by sometimesinvestor » Fri Sep 22, 2017 4:38 pm

It is my understanding that the best time to buy this insurance is in your late 50s. AS to whether you should depends on many factors(your health amount of assets, your parents history, whether you have kids and whether they live nearby etc. and Iagree the threads may help.

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friar1610
Posts: 1233
Joined: Sat Nov 29, 2008 9:52 pm
Location: MA South Shore

Re: long term care

Post by friar1610 » Fri Sep 22, 2017 4:56 pm

Bought into the Federal LTC plan in my late 50s (eligible as a military retiree). At each contact renewal (that is, when the gummint renews the contract with the provider) - this occurs every 5 years - there has been a significant premium increase. Rather than pay the increase, I've opted to keep premiums the same with a reduction in the inflation factor applied to benefits. Have not needed the insurance (age 72 now) and hope I never have to.
Friar1610

inbox788
Posts: 5276
Joined: Thu Mar 15, 2012 5:24 pm

Re: long term care

Post by inbox788 » Fri Sep 22, 2017 7:18 pm

What a coincidence. Yesterday a salesman called on me pitching a universal life policy with long term care rider. First time I've come across that one. Neither is all that appealing alone, so combining 2 so so products doesn't seem to much sense. Am I missing something? Anyone here mix up their LTC with life insurance? (I found an old thread that about 20 year term with LTC that expired at 85, which is just when LTC is more likely to be needed)

Bottom line, I think the big drawback of these policies is that the cost is relative low at a young age because the risk is low, but there are no cost guarantees, and premiums go through the roof when you really start to need it or the benefits are highly limited and capped.

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