1) Someone asked about quotes...
Where the heck are people getting policies at 90 a month? (
just kidding)
I hope other will post some RECENT quotes,
At age 54, in 2014 I was quoted: (no health issues, in MD, DC metro)
AGE....POLICY MAX.....Max Monthly Benefit*..... Inflat Prot.....CASH Benefit.....Monthly Premium
53........160,600.........3,300................... .......3%................partial.............$211. 71
53........139,200.........2,900................... .......CPI...............none................$200. 10
53........123,744.........2,578................... .......3%...............partial..............$200. 03
54........219,000.........150 A DAY*..................3%...............none....... .........$202.45
If my math is correct those four options -- each -- work out to about $110, $87, $85 and $150 a day.
All Four year policies, I do forget how long a waiting period I requested....90 days, likely.
HYBRIDS: life insurance with conversion options for LTC
AGE......POLICY MAX ....MAX Monthly Benefit........Monthly Premium
54........250,000.............$5,000.............. ..........$250.50
54........250,000.............$4,920.............. ..........$236.00
2) I won’t comment on myself but I will say that the more assets a person has the long they can private pay. IF a person is single and has assets there are ways to both private pay and do estate planning. Cash assets, pension, investments, proceeds from a home sale, etc....a person could very well have enough assets to pay for 4 or 5 years of care, depending on the cost and kind of care needed, obviously.
I’ve already said...if my money runs out after that time so be it. If I only get two or three year’s care before Medicaid then that’s all I get. I'll go on Medicaid. What’s the problem with that? Is that not "a plan?" The average nursing home stay isnt' that long anyway.
3) THAT said. I do have an acquaintance who at 67 went from being a bon vivant, traveling and eating out and living a carefree life....to a paraplegic in one freak fall in her own apartment.
She’s sold her home (not the apartment, she had a family home that she owned) , and is spending down her 401K, and investments. She will likely have to go on Medicaid at some point, not today but eventually....Because she is NOT terminally ill...”just” almost completely paralyzed, she will out live her money. She WISHES she had just died.
I agree a LTCI policy is better than nothing. But in most cases all it does is stretch out the assets one does have. Instead of paying the entire 300 a day, the LTCI pays 150 (or whatever amount) you only have to pay 150 a day. That obviously makes your own money last twice as long.
I will revisit the issue, but I want to see what quotes for a ONE year cadillac policy look like. THAT I might be willing to pay for. I want a premium below 100 a month. And event then you have to read the fine print on future increases.
I think this is a great conversation we're having. I'm not annoyed at all.
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