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Curious if most members of this forum have long term coverage? If so, at what age do you recommend starting it? I'm 44 yrs old, in pretty decent physical condition - run/play golf, bike and don't feel like I need it now, but you never know when a medical disorder (stroke, alzheimers, etc) could hit.
My husband and I got in about 5 years ago - we pay $200 monthly for each of us, however, this will give us $7000 monthly (each) if we need it. Amount is indexed and so forth. It covers a lot. My MIL had Alzheimers so I hope I don't see the future there!!
It's probably a good time for you to look into it. We were 48, 46.
I've gotten some links to research LTC on the wellness section of this message board. They've done studies on the best age to start, and for some reason 55 yrs of age seems to come to mind regarding the greatest likelihood that you might need LTC. Thanks for your thoughts. I'll continue to investigate. May start as early as next year.
In our case, my wife & I were both covered for $658.00 every six months. I signed up at age 50. I'm now sixty and policy is fully paid up-no more premiums and wife and I have coverage for balance of our lives. I looked at the fact that one has to not only consider nursing home situations (due to age), but one may be in an automobile accident or have a stroke, or other medical problem that would make a case for long term medical care. The time to purchase is when one is healthy and the lower the age the lower the premium.
Sounds like a very good deal. The federal LTC program that I'm eligible for has a cost of $123/mo for a healthy 44 yo male to start and once you stop payments, coverage stops.
I am 42 but grabbed it at 39. A bit early, but my company was offering an optional benefit which is portable. The younger you are the cheaper it is- big surprise. It comes out to around 800 bucks a year and I figure I could afford it. You never know when a broken elevator will turn you into a broken mess.
I was wondering about this because my company offers it. However, as a single person with no heirs, I've been told not to bother with it.
BUT, what if I go into a nursing home for say, a year, after an accident or something and then come home. Couldn't they take my condo while I'm in there for a year?
I know when my father was in a nursing home, they couldn't take the house because a living spouse was still there. But, I would not have a spouse living in my condo.
I was wondering about this because my company offers it. However, as a single person with no heirs, I've been told not to bother with it.
BUT, what if I go into a nursing home for say, a year, after an accident or something and then come home. Couldn't they take my condo while I'm in there for a year?
I know when my father was in a nursing home, they couldn't take the house because a living spouse was still there. But, I would not have a spouse living in my condo.
Good point - you'd hate to save up a portolio for retirement, then spend $60k for nursing home care (or more) because of a severe injury, illness from which you may recover.
So many think of LTC as the care you receive during your last years alive - but it can also be earlier due to catastrophic illness.
Whether you have heirs or not, you'd like to preserve your nest egg.
RE: heirs - that why I don't have a lot of life insurance.
No, I don't have it. I'll use the money to enjoy life.
Where I live there is a push to have people remain in their homes until death which is what people want to do.
I have said this before: there ain't no way I am going to live my last days being at the mercy of some minimum wage employee working at a nursing home who probably hates their job.
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Long term care insurance
