U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 01-04-2017, 07:00 AM
 
Location: Central IL
15,250 posts, read 8,572,788 times
Reputation: 35701

Advertisements

I keep considering whether I should get LTCi. I'm in my 50's and have investigated....some policies are in the $300/month range as I'm in quite good health now (knock wood). But I have very real doubts of whether the coverage amount is enough, and whether the inflation amount is enough. Then, I fear huge premium increases that I'll either have to eat or have wasted all my earlier contributions. Finally, what if they were to decline / dispute needed coverages once I have to start using the policy?

I don't want so much to hear about why it is important to get it, whatever. Everyone seems to have supreme confidence in whatever plan they've gone with - of course, otherwise you'd never have done it and you have to bolster yourself up to pay into it for decades, right?

No - I want to hear from folks who paid in for a decade or two and are NOW MAKING CLAIMS. Did your premiums go up since you started the policy? Are you having trouble getting out what you put in? Are you glad you got it?
Reply With Quote Quick reply to this message

 
Old 01-04-2017, 07:09 AM
 
71,946 posts, read 71,971,035 times
Reputation: 49506
many here who have it are likely still to young to be in that range . only about 1/2 the boomers even hit 65
Reply With Quote Quick reply to this message
 
Old 01-04-2017, 08:27 AM
 
29,837 posts, read 34,918,975 times
Reputation: 11752
Quote:
Originally Posted by mathjak107 View Post
many here who have it are likely still to young to be in that range . only about 1/2 the boomers even hit 65
Agreed, that us why I started a thread and commented in others. Forum members actually using LTC for themselves is probably very limited here and there are very few of us in CCRC's. Like the OP I am anxious to hear from personal experiences not about parents and grands. Probably in a decade or so we will have folks.

We got our updated benefits statement yesterday and as a result I was wondering the same as the OP. Hopefully this thread will be a long lasting one
Reply With Quote Quick reply to this message
 
Old 01-04-2017, 09:01 AM
 
Location: Central IL
15,250 posts, read 8,572,788 times
Reputation: 35701
Quote:
Originally Posted by mathjak107 View Post
many here who have it are likely still to young to be in that range . only about 1/2 the boomers even hit 65
Well, I'm even willing to settle for hearing about the experience of parents or PILaws? Maybe older brothers and sisters? But only if you know some of the details...
Reply With Quote Quick reply to this message
 
Old 01-04-2017, 10:07 AM
 
1,227 posts, read 1,263,463 times
Reputation: 4310
I have LTCi. I purchased it more than 2 decades ago and the price was low I have had my first premium increase this year. I am close in age to you, consequently, the odds are pretty low that I will need LTC in the immediate future. However, nothing is set in stone.

I've bought Homeowners insurance since I was age 20. I've never used it either. I've bought auto insurance and have gone years without using it (knock wood).

My former FIL had LTCi. He moved into assisted living (and should have stayed there) because he needed the extra help. His LTCi would have covered part of the expense. It was a lot of years ago and I can't remember exact figures. However, he did not want to be in assisted living. He thought it was depressing, so after 1 month he moved into an apartment. He died alone in that apartment as he had stopped eating (he was anorexic) and this was his method of suicide. I have always believed that it was a poor decision to live alone and that he would have lived a happier, longer life utilizing the LTC offered. But it was not my life or my decision.

My former MIL (his wife) had cancer. She was in a nursing home for the last several years of her life. She also had LTCi which took care of most of the expenses. Thus, my FIL was not bankrupted by his wife's needs.

My former neighbors do not have LTCi. His wife is an invalid and has been for at least the 7 years that we lived next to them. He cannot afford much care for her. Two times a week he has a visiting nurse come to the house for an hour. Other than that he is tied to her side caring for her as he doesn't not have enough assets to purchase the care she needs. He has told me he feels a lot of stress and is physically unable to perform all that he needs to do. He is in his upper 80's. His son is 65 and provides no help.
Reply With Quote Quick reply to this message
 
Old 01-04-2017, 10:24 AM
 
Location: Florida
4,380 posts, read 3,720,561 times
Reputation: 4126
The decision is can you afford the costs of the insurance.

The next question is can you afford to self insure part or all of the cost of care.

Do you belong to an organization that offers long term care policies on a group basis. In my organizations group I had one small increase in probably 10 to 15 years. Very lucky as costs have skyrocketed.

If you can find a policy with a history of very small increases I would start to consider a policy. Think of a low daily amount that increases each year with inflation. Thus as time passes your coverage increases.

Hope you never need it.
Reply With Quote Quick reply to this message
 
Old 01-04-2017, 10:30 AM
 
71,946 posts, read 71,971,035 times
Reputation: 49506
Quote:
Originally Posted by reneeh63 View Post
Well, I'm even willing to settle for hearing about the experience of parents or PILaws? Maybe older brothers and sisters? But only if you know some of the details...
older policy's were quite poor , ambiguous and really were not bought much .
Reply With Quote Quick reply to this message
 
Old 01-04-2017, 10:45 AM
 
Location: Central IL
15,250 posts, read 8,572,788 times
Reputation: 35701
Quote:
Originally Posted by mathjak107 View Post
older policy's were quite poor , ambiguous and really were not bought much .
I'm not finding the current stuff any better. You can't do much of your own research online in terms of specifics...I had to set an appt. for a Skype session where a representative of several different insurers walked me through things. But I don't take any of that at face value - I want to read the fine print of what will and won't be covered, etc. So, it feels like it is almost completely blind faith - pay as much as I can afford today...keep paying for 40 years. I don't care if I never use it - but my biggest nightmare is to have paid for decades, with numerous premium increases - wind up in bad shape and end up with few services actually paid for.
Reply With Quote Quick reply to this message
 
Old 01-04-2017, 11:00 AM
 
71,946 posts, read 71,971,035 times
Reputation: 49506
i can tell you our policy is simply written and everything spelled out in plain english . we know exactly what is covered and when .

i can't say that about policy's we looked at even a few years ago
Reply With Quote Quick reply to this message
 
Old 01-04-2017, 01:49 PM
 
109 posts, read 102,130 times
Reputation: 133
So I do not personally know anyone who has made a claim under their policy...I know I have not. A number of months ago Jim Cramer of CNBC fame had a very unsatisfactory experience in getting his father's LTC insurer to pay on his claim. He wrote about it rather extensively....here is a link to one of those references: https://www.thestreet.com/story/1296...-best-one.html

Obviously, you will have to decide if his complaints have any validity.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top