Long Term Care Insurance

**forHISglory** · 09-23-2011, 09:44 PM

Some time ago, I asked for your advice concerning long term care insurance. I wasn't sure I needed it and wasn't sure I could afford it. You all told me I needed to seriously look into it. And I took your advice.

Just want you to know that Hubby and I signed up for a policy today. We had put in a LOT of time researching it and we think we found what was right for us. It was much cheaper than I thought it would be.

So...... Thanks for the nudge to "git 'r done"!

**forHISglory** · 09-24-2011, 11:52 AM

Just wondering..... have any of you taken out a policy on yourselves? Are you comfortable with the terms of it? Or have any of you considered it, but then decided NOT to have a policy?

**melodys** · 09-24-2011, 12:03 PM

Yes. I have had a policy on myself for many years. I am comfortable with the terms. Key factors for me were inflation protection and a reputable company I can count on for the long term because I am still young.

**madhen** · 09-24-2011, 12:12 PM

I have a policy on myself. I feel a little more secure, knowing I have it. I live by myself and have a very small external family, none of whom could really step up financially if needed, and none of whom I would want to depend on physically, if I couldn't manage by myself. I also have a moderately-risky job, so I felt it was a good investment.

**peanut** · 09-24-2011, 03:25 PM

We considered it and panned it. There's universal health care here in Canada, and long term care insurance costs $600-$800/mth. Way out of our price range. ETA: there are a lot of restrictions here too. Like some companies will only cover five years of long term care, etc. You have to watch caps. Some of them raise the amount you pay per month every year, making what seemed like a sweet deal to start with a real squeeze as you get older.

**frugalfranny** · 09-24-2011, 04:41 PM

Originally Posted by forHISglory

Just want you to know that Hubby and I signed up for a policy today. We had put in a LOT of time researching it and we think we found what was right for us. It was much cheaper than I thought it would be.

So...... Thanks for the nudge to "git 'r done"!

If you can afford it, and are happy with the company, then I think you made a very brilliant decision.

After watching my dad, I think everyone should at LEAST check it out.
Everyone thinks they will be able to "take care of their loved one" but they have no idea what can come up NOR how that person will be in that situation.

NO ONE that I know could have taken care of my dad.........he had Alz. and just got too mean!! who knew???????

**forHISglory** · 09-24-2011, 04:50 PM

We decided to go thru AARP. There were lots of options, such as inflation protection, amount per month that we might need depending on state norms, amount of months that we might need care (again depending on statistical tables). The agent was excellent at showing us the flexibility of the policy and not being pushy. We wanted to be well educated in how these worked before making up our mind, and I believe that we came to have a good understanding of the business. We also educated ourselves about the state laws of where we lived concerning long term care.

**frugalfranny** · 09-24-2011, 05:10 PM

Originally Posted by forHISglory

I believe that we came to have a good understanding of the business. We also educated ourselves about the state laws of where we lived concerning long term care.

Way to go..........but keep abreast of any changes that might come along as the gov't changes things..........and we all know SOMETHING will happen.......just not sure what, yet.

This getting old and "planning for it" sure is getting complicated.......huh??? Always something.........

**wanderlusting** · 09-25-2011, 01:35 PM

I'm glad to hear you got it! When I worked at a financial planning office, it was something that they encouraged people to get once they turn 40.

When I was in nursing school, I remember the rotations we took. One was at a private long term care facility and the other was a VA facility. There was such a huge difference, and that made up my mind that when I turn 40, DH and I are both going to get policies. Not that there was anything wrong with the VA facility, but they were more understaffed and didn't have as nice of amnenities as the private facility.