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0.88 years: Average duration of nursing-home stay for men.
1.44 years: Average duration of nursing-home stay for women.
22%: Probability of needing more than one year in a nursing home, men.
36%: Probability of needing more than one year in a nursing home, women.
2%: Probability of needing more than five years in a nursing home, men.
7%: Probability of needing more than five years in a nursing home, women.
But these numbers are low because now there are options between "all or nothing". Everyone is scared of the dreaded nursing home. Home care may be better in some respects but it still costs money - and doesn't mean you won't end up in a nursing home but for a shorter time.
to me the numbers all mean zilch . in the end it is either us crap happened to or it isn't . it has to happen to some of us . is it you?
Said like a man who can afford the cost of and has millions to protect. Wait you are who they want to sell to. It was posted earlier that the top income quartile of retirees That only 22% will Need long term care. Hmmm so if those with lower incomes are more likely to use!
I can see it noe insurance companies raise rates so only the higher income will buy and be able to afford. To make it even better for them those people are less likely to file a claim. Wow perhaps the path to profitability.
it really will depend on the cola in your area and lifestyle .
having to little in assets to bother or protect would not require it and being wealthy with millions to spare would not need it .
the window is where there are a fair amount of assets but not enough to last more than a couple of years at 130-140k a year for a home like in our area and supporting a stay at home spouse too .
i would say in the 1-4 million range in nyc for example ltc can be a good idea . 5 million or more and you can likely cover both for extend time frames .
other areas will be different as well as lifestyle for the stay at home spouse
Location: Was Midvalley Oregon; Now Eastside Seattle area
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We bought LTCi in our early 50's originally from a cancer scare and to protect IRA's .
Now 15 years later, the premiums have doubled but the reason for having LTCi has changed from income protection to relieving our Son and his future family of the daily LTC care. It is our gift.
We probably at 68/71, can possibly afford today's LTC for 3 years continuous use, @6000/mn. It will be very close and the survivor will be left with a very modest SS, protected annuity and pension.
We can probably can go longer in LTC with assistance from our son.
I would like LTC insurance to be a set rate at purchase. Then never be raised...forever. Knowing cost is set at age 50, upon sign up allows for easy planning. Might be able to pull it off...even if we can only afford a small policy of one hundred thousand dollars each.
Attempted to get online quotes using fake info to keep privacy but they wanted to phone us.
Speaking with an insurance salesman is about as inviting as a trip to the DMV
Yes and my dad is 87 living with 100 year old sister and we all went to Disney last year.
Everybody does not break down. On the other hand my husband with LTC insurance that was expensive dies from Leukemia at 52. Lol no refund from genworth.
Im not married so don't have to worry about leaving someone destitute.
I see no reason to buy it.
Folks, do your own analysis.
I have. out of a couple, one spouse will remain at risk for a snf just due to not having the other play nurse assistant. I can see the likelihoods with my own eyes, the majority of married couples one will care for the other. Easier to predict with a huge age gap or health issues. And Some hospital/ Skilled Nursing takes place short term but overall, they go home to be cared for by spouses. Singles have not this advantage
Couples- seems wise to plan for the likely outcome for one, then start a snf pot for the other spouse. Although planning for both is best, if you can afford it
I would like LTC insurance to be a set rate at purchase. Then never be raised...forever. Knowing cost is set at age 50, upon sign up allows for easy planning. Might be able to pull it off...even if we can only afford a small policy of one hundred thousand dollars each.
Attempted to get online quotes using fake info to keep privacy but they wanted to phone us.
Speaking with an insurance salesman is about as inviting as a trip to the DMV
sure , just tell no one else to raise prices or inflation to effect things .
most policies are priced so no matter when you start by the time you are in the sweet spot you paid in about 1 years cost in a snf in future dollars
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