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Old 01-18-2017, 06:03 AM
 
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Spouse and myself are in mid 50's. Both in good health. One spouse has longevity in family history, the other spouse, not so much. Think it is time to start thinking about LTC insurance. So much information (and misinformation) out there. Where should we start? Any tips for a neophyte? Thx
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Old 01-18-2017, 06:21 AM
 
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what state ?
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Old 01-18-2017, 07:24 AM
 
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Quote:
Originally Posted by dmills View Post
Spouse and myself are in mid 50's. Both in good health. One spouse has longevity in family history, the other spouse, not so much. Think it is time to start thinking about LTC insurance. So much information (and misinformation) out there. Where should we start? Any tips for a neophyte? Thx
Use the search feature here to read and read and read all about LTCi. Massive amount of information.
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Old 01-18-2017, 07:26 AM
 
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if your state has a decent partnership plan look in to that deal
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Old 01-18-2017, 11:58 AM
 
Location: Florida
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Try to look for professional orientations that you may belong to or able to join as they may have a good "group" policy. Also look at your work benefits as they may offer it.

Their are combined life insurance and LTC policies. Look at these.

I think some states have plans that help protect assets from medicaid assessment.
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Old 01-18-2017, 12:05 PM
 
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the combined life and ltc require huge amounts of money tied up to get enough coverage .

i like them only as a last resort


if the perks are good after the insurance runs out state partnership plans are likely the best
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Old 01-18-2017, 12:54 PM
 
Location: SF Bay & Diamond Head
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Check if you have eligibility for CalPers LTCi.
They also have a pretty good website for basic information.
https://www.calperslongtermcare.com/Enrollment
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Old 01-19-2017, 09:52 AM
 
Location: Florida
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Just came across Hybrid Policies Gaining Steam
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Old 01-19-2017, 10:30 AM
 
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I'm in my late 50s, and have had LTCI for my spouse and I for about 5 years. My financial advisor recommended it, and when I ran the numbers, it seemed as though LTCI would pay for itself if I were to end up in a nursing home for even 6 months. However, every year I question my decision. It's tough to send in that premium check every year for something I may or may not need many years from now, but if I choose to stop now I will feel I've wasted all the $$$ I've already sunk into it.


I think a useful exercise is to calculate how much you would collect under the insurance plan versus how much money you would have if you instead invested the same amount as the premium each year. Then do that for various scenarios - one in which you never need LTC, one in which you end up disabled and in LTC at an early age and one in which you need it only at the end of life. I find that it still is worth it to protect my spouse from going broke if I have to enter LTC. But it still hurts to write that check (~$2600 for the two of us) every year.
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Old 01-19-2017, 10:33 AM
 
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make sure you read michael kitces's study on hybrids .


https://www.kitces.com/blog/is-the-l...just-a-mirage/
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