Long Term Care Insurance

[michelleunit]

imported post

Hi everyone-

i'm new here and couldn't find anything about LTC insurance. does anyone out there have any opinions on it? i signed up for it when it first came out. here is the link to the site:

http://www.ltcfeds.com/ltc_basics/overview.html

i selected the one w/ built in inflation and comprehensive. why? cuz i don't want my hubby depleting our nest egg when he refuses to pull the plug on me. he would do that. i asked him if he wanted me to sign him up for it and he said no. he didn't want to buy it when he doesn't think he'll need it. of course, that's the trick with insurance. you don't ever want to use it, but if you're in a position where you need it, you're glad you have it.

any thoughts?

michelleunit

 

[Birchtree]

imported post

Frankly, I don't trust insurance companies - never have and never will. You are too young to know if the company you've chosen will even be in existance when you may need them. No, I'd consider a living assisted facility that offers nursing care on a long term basis when it is needed. You buy an apartment up front and the nursing care is part of the contract that is built in for life. When you eventually pass the apartment is resold to the next applicant - the facility is betting you will pass sooner than you think and that is how they make their profit.

Dennis

 

[Spaf]

imported post

Insurance companies underwrite for a profit. And they do this using studies and large numbers. I looked into LTC with several company and bottom line was

Coverage will vary basedon benefit options youselect as part of your plan.

The options can add more cost to the plan.

Ifmy family had a history of i.e., having severe cognitive impairment such as alzheimers, I might think twice about LTC.

Each person has to make their own decision.

USAA offers this coverage and they will send brochures explaining the costs and plans.

Dennis has something to think about with insurance companies. My retirement started withe AEtna, went to CG, then INA, then CIGNA, now Prudential.

Rgds Spaf

 

[cowboy]

imported post

To me insurance is just a bet simple as that. They are betting you will never use it and you are betting that you will, except time is on their side. Why not take the money that your giving the insurance company and invest it and make that your nest egg. I think it will supprise you how much more you will actually have in it. The insurance companies have this set so that it may seem cheap when your younger put actually you pay for it in the long run and whose to say that you will ever need it.So essentually it is depleting your nest egg already. It amazes me how many people actually worry about thingsthat may never happen. I know people that are insurance poor because they are covered for everything. If your a worrier buy it, if not be happy!