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Old 01-11-2011, 05:06 PM
Location: Sarasota Florida
1,236 posts, read 3,620,856 times
Reputation: 1230


I'm considering signing up for long term care insurance. Does anyone have any personal knowledge of this? Do you have it? With what insurance company? Any tips or suggestions? Thanks for any advice
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Old 01-11-2011, 05:23 PM
4,589 posts, read 7,106,468 times
Reputation: 4239
some insurance companies are backing off of selling long term care because it is costing them too much money and they realized this is not a good for profits when so many baby boomers will be collecting on this insurance. I'd be careful who you sign up with.
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Old 01-11-2011, 05:28 PM
Location: Wisconsin
21,588 posts, read 44,328,310 times
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Oh, boy. How old are you? Is this through your employer? If you leave the employer, continuation might be more expensive.

Waste of money unless you are doing this outside your employer and then I still think it is not worth it, unless, of course, your health is bad and you know when you age you won't be able to manage.

Average length of time in a nursing home before death is under two years. With proper asset protection procedures set up beforehand, you should not have too much exposure to long-term care expense. In most cases, this is covered by Medicare and Medicaid/Title 19.

Way too expensive for me. I had one 90 year old relative in a nursing home for 2.5 years covered by Medicare, another one in a nursing home for only a month - Medicare, a neighbor in a nursing home for two weeks - before death. My step-mother was in assisted living for a few months and then died in hospital - Medicare.

Most people don't need long-term care insurance. They manage pretty well until the time comes. Nursing homes are experts at getting govt to pay. I've worked with a few people who bought it and then couldn't afford it when they no longer worked. Wasted money. JMO
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Old 01-11-2011, 05:30 PM
434 posts, read 996,124 times
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I posted my experience in response #23 in the thread below. In short, I purchased LTCI several years ago, paying a high premium for 'inflation indexing,' meaning the premium would never increase because of inflation. Last year the premium was raised drastically for people like me who had purchased at a relatively young age, so I cancelled it. Turned out the carrier could raise premiums if the usage turned out to be higher than expected and if the carrier's investments didn't do well.

Long Term Care insurance...
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