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Your right about sanely expensive but if you signed up much younger, you probably could not have put money into your retirement so person is just screwed either way.
if you have enough assets to be concerned about to want a policy it likely is not going to be an issue paying the premiums . we pay our premiums with just a small portion of the gains on the investments it protects .
under a certain amount of assets it is not really needed and over a certain amount of assets if you are wealthy enough it isn't needed . there is a window where the asset level is in the range where a policy to protect it does the most good and that varies by location and lifestyle .
Last edited by mathjak107; 06-02-2017 at 03:00 PM..
Where does one find an INDEPENDENT LTCi agent - is this person typically available locally or is it more an online website? (I did a quick search for and agent in my vicinity and nothing showed up...so I am guessing they aren't really a local thing?)
There are very few independent agents who specialize in LTC insurance.
I know most of them and there are probably less than 500 throughout the country.
As you can tell from some of the responses in this thread, lots of people push back at the idea of planning for LTC. There are a lot of insurance products that are easier to sell and pay bigger commissions, which is one reason why few agents choose to specialize in LTCi.
You'll probably have to fill out a few different online forms before you find a qualified, independent LTCi agent.
There's one website where you don't have to speak with an agent and you can compare leading
"long-term care insurance policies within your own personalized shopping portal"
keep in mind all quotes are usually estimates . you will not know your actual deal until they do their research on you or like in our case came to our home and did exams. both physical and mental ones .
Your right about sanely expensive but if you signed up much younger, you probably could not have put money into your retirement so person is just screwed either way.
The premium is much much smaller when you sign on young.
they are usually priced so you pay in about a years worth of stay in an snf by the time you are in that sweet spot so taking it early can cost about the same total . but you will have coverage earlier in life , smaller payments and stand a better chance of not getting surcharged or rejected .
i waited to long and got a 1k surcharge a year for life for some diabetic blood tests i had a few years prior
they are usually priced so you pay in about a years worth of stay in an snf by the time you are in that sweet spot so taking it early can cost about the same total . but you will have coverage earlier in life , smaller payments and stand a better chance of not getting surcharged or rejected .
i waited to long and got a 1k surcharge a year for life for some diabetic blood tests i had a few years prior
Yes, the amount paid in over a lifetime is about the same. That was my point. That's why it's so much better to start young and have the (much) smaller payments, than to wait until 50's/60's.
i always look at insurance as the base of the investment pyramid .
we decide what insurances are worth having to preserve all the assets stacked up on top of it . then we let a portion of those assets pay for those insurances . we look at it as the cost of doing business as they say .
Last edited by mathjak107; 06-03-2017 at 04:45 AM..
Your right about sanely expensive but if you signed up much younger, you probably could not have put money into your retirement so person is just screwed either way.
I don't know everyone's income level. I did an online premium estimate for someone my age (approx. 48) and the premium was between $275-$350 a month. I don't see how that much will prevent people from still putting money away for retirement. People spend more than that on eating out every month. It's called budgeting and priorities.
I don't know everyone's income level. I did an online premium estimate for someone my age (approx. 48) and the premium was between $275-$350 a month. I don't see how that much will prevent people from still putting money away for retirement. People spend more than that on eating out every month. It's called budgeting and priorities.
Well considering that 50% of the people retire with less $100K in retirement I think that is lots for an average person to be paying. I doubt that the average person spends more then $275-$300 eating out.
Perhaps people of higher income do but not the average person in America. It is hard call and very few
people are going to buy LTCI at 48. I know there are some but a small percentage.
I don't know everyone's income level. I did an online premium estimate for someone my age (approx. 48) and the premium was between $275-$350 a month. I don't see how that much will prevent people from still putting money away for retirement. People spend more than that on eating out every month. It's called budgeting and priorities.
Including all rate increases, the average long-term care insurance premium is about $132 per month, based on data published in 2015 in the National Association of Insurance Commissioners' report on long-term care insurance.
Because of new consumer protections designed to prevent rate increases, policies purchased today cost more than older policies. In 2015, the average premium for a new policy was $211 per month according to a survey of the biggest sellers of long-term care insurance.
The average age for purchasing long-term care insurance is 59. A single, 59-year old male, in excellent health can get $500,000 of long-term care insurance for $193.66 per month. (Couples can get discounts as high as 30 percent when purchasing policies at the same time.)
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