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I did not want to hijack the "whole life" thread, so I started a new one.
LTC was brought up. I don't know much about it other than it seems important to get. I'm in my late 40's and am wondering what age should I get it?
Late 50's or early 60's if you are thinking coverage for your retirement years.
If your employer offers it you might want to get it now. You could have an accident tomorrow and need it. But you would also need disability insurance so look at that before LTC.
In general the older you are when you take out your policy the more it will cost (but you are paying over fewer years).
The industry has had a lot of problems and significant premium increase have happened in the past. Pay a lot of attention to the past premium history of the company. If you belong to a trade association you might find a good deal.
We are in to our 4th year and not one increase .. the older policies were under priced because the usage statistics were so off base and usage was far far greater then thought
Location: Was Midvalley Oregon; Now Eastside Seattle area
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Check out the threads in the Caregiving forum.
We started LTCi in 2002 when our FA presented it to us. age 52/55. Started at $100/day, 1095 days, 5% compounding inflation coverage. 2 policies, couple rate @ ~$1400/yr, 14 days deductible. Policy got sold to another company. At this time there wasn't partnership plans.
Today the premiums are ~$4800/yr for 2 policies (comes out of wife's checking account). Separate policies but couple rates. Each policy is for $198/day reimbursement, 1095 days, 5% annual compounding inflation rider. 90(?) day deductible. age 68/71.
We have cared for parents. We have no desire to have the spouse care for the other, it's bad enough after 44 years. Nor do we want our Only or his future spouse, care for us financially or physically.
Last edited by leastprime; 01-22-2019 at 06:15 PM..
we started in our 60's ... it is not good to wait because there is a good chance they won't take you . i waited , ended up having some blood tests and they showed diabetic .. even though my levels came down just by diet and exercise i got a 1k surcharge for life .
they are very strict who they take , the adviser we bought from who sells the policies could not get one because he was obese .
we pay about 8k a year for 2 policies , nys gives us a 1600 state tax credit towards it plus whatever we can write off as medical on the federal .
but ours is a new york partnership plan with 100% asset protection after the insurance is up and medicaid picks up the tab . we have no look back , no recovery , no spending down of assets and no limit on the stay at home spouse's income .. medicaid just picks up the bills after the 3 years insurance is up for a nursing home or 6 years in home .
the policies are pretty much priced so you pay in one years stay at a snf in your sweet spot age which is your 80's .. whether you start later or earlier it works out close .
you just pay more in a year later yet have no coverage when you are younger .
a co-worker fell off a ladder painting , broke his hip and had a stroke during hip surgery . at age 55 he is paralyzed and his family financially devastated ..
Last edited by mathjak107; 01-23-2019 at 03:35 AM..
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