clarence39
Houston
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I have been in a discussion on the subject of importance of "Long Term Insurance" as we get older. I would like some input from others. Clarence
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K Charles
Connecticut
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Will whatever kills you be long term or short? It's insurance, some like it some don't.
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rk911
Wheaton IL
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i think it is vital. the average annual cost of skilled nursing care is somewhere north of $70K and the average length of stay in a skilled nursing facility is 3-4 years. most of us don't have an extra $300K lying around. i took out my LTC policy just before i turned 60 last year and am glad i did.
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n7bsn
Yes
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Something I learned from my grandfather (a self-made millionaire, when becoming one was not as easy as today)
Never insure something you can afford to replace.
Always insure something you can't.
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RoadLife
New Mexico
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It depends on how much money you have and how much a spouse needs in assets for retirement income after the other is gone.
For those with almost no savings and no net worth, just social security, it doesn't make sense as medicaid will pay.
For those who can designate about $200,000 of retirement savings for long term care needs (in essence self-insuring), getting a policy isn't really necessary.
It's those that have retirement savings that's just enough to live off of for a surviving spouse and no nest egg for long term care. The cost of long term care, a nursing home, will eat up a retirement nest egg very quickly and can leave the surviving spouse destitute.
My dad's nursing home was in a small town and relatively cheap at around $5000 a month. He was there for almost four years. They had insurance, but it did not cover the full amount and it was still a struggle.
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BB_TX
McKinney, Texas
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Roadlife is right on. The two groups that do not need it are those with little in assets and can't afford it and will have to rely on whatever care they can get, and those with substantial assets and can provide their own care if needed.
That leaves most of the rest of us. As stated, nursing homes can run $50,000 or more per year depending on location. Many spend a year or less in care, others may spend several years especially if they have no family members (or others) who can provide some of the care. Those in good physical health but declining mental ability especially have a problem.
Add to that the premiums. I have read of some who carried LTC policies for years and then had to let them lapse due to increases in premiums making them no longer affordable.
Like all insurance, it is a big guessing game without a good answer.
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emzee
california
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It is a worry not knowing what the best thing to do is. I know a lot of people opt for in home care. We get insurance for everything but when it comes to this it's a coin toss, should we or shouldn't we.
When my dad was in a long term care facility for just short of 10 days it was $2600, so it sure isn't cheap. I must say I am a bit surprised by the costs. There was 1 nurse for most of his floor and the rest were CNA's and just help...so where's all the money going. Another thing that upset me was these people who had nothing rode around in electric wheel chairs and the man next to my dad; that was paying $6000 a month, had a manual one. There was and is something terribly wrong with the system and it extends to nursing homes.
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wnytaxman
Western NY
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I don't know if it is available in your state, but I believe some states allow a combination of life insurance/long term care insurance. The insurance company is betting that you will not use your long term care insurance because you'll check out before you ever can use the long term care insurance. The combination type of insurance is a hedge on the bet. It's expensive but dropping tens of thousands of dollars for LTC insurance and then dying without ever having spent one dime on a nursing home doesn't sound like a good bet either. Get several quotes and see what' s out there.
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whistlebritches
Cherryvale, KS
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It's cheaper to hire care in the home, if you can find it. And it's a known fact that people do better in their own homes.
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bsinmich
Holland, MI
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I sell insurance, including LTC. It seems that more companies are getting out of that business lately because they are afraid of all the gov. regulations that will be thrown at them. Those that already have it can't be dropped if they have a non-cancellable policy but it is hard to find carriers for it. I have given a couple of proposals lately and while they were thinking about it I got a letter from the company saying they are not writing it anymore.
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