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Long term care insurnace policies
Posted on 1/12/24 at 12:09 pm
Posted on 1/12/24 at 12:09 pm
Does anyone here have these? I've seen people really suggest them about seeing what long term care/memory care centers/homes cost. Staggering reaally.
In our 30's and think it might be good.
In our 30's and think it might be good.
10
Posted on 1/12/24 at 12:50 pm to Billy Blanks
I don't have one; however, I know of several friends that do. They are all in their 50s. Most companies (e.g. Southwest Airlines) offer it as a selection in their benefits.
The friends that have it sited history of family ailments. Therefore they felt it best to acquire.
I befriended a gentleman in his 80s that went into senior facility after his wife passed and his daughters felt it best to have 24 hr. monitoring. I visit him often as we were old coffee buds and he tells me that the place is extremely expensive. Operates sort of like a cafeteria plan. As such, he was pushing himself to be able to put on his own shirt in that they could reduce his monthly expense. It's eating at all of his retirement.
You could buy a plan now or sell assets later to pay for it. Depends on your circumstances. Some ppl. are not physically active and it catches up with them as it did my friend. Others keep moving well into their 90s and therefore the option maynot be something they'd consider.
The friends that have it sited history of family ailments. Therefore they felt it best to acquire.
I befriended a gentleman in his 80s that went into senior facility after his wife passed and his daughters felt it best to have 24 hr. monitoring. I visit him often as we were old coffee buds and he tells me that the place is extremely expensive. Operates sort of like a cafeteria plan. As such, he was pushing himself to be able to put on his own shirt in that they could reduce his monthly expense. It's eating at all of his retirement.
You could buy a plan now or sell assets later to pay for it. Depends on your circumstances. Some ppl. are not physically active and it catches up with them as it did my friend. Others keep moving well into their 90s and therefore the option maynot be something they'd consider.
This post was edited on 1/12/24 at 12:51 pm
Posted on 1/12/24 at 1:04 pm to Nu Iota Prophet
quote:
I don't have one; however, I know of several friends that do. They are all in their 50s. Most companies (e.g. Southwest Airlines) offer it as a selection in their benefits.
Any idea what they pay?
Posted on 1/12/24 at 1:11 pm to Billy Blanks
It’s expensive.
Best to get a WL policy (whole life) with LTC rider.
Best to get a WL policy (whole life) with LTC rider.
This post was edited on 1/13/24 at 9:28 am
Posted on 1/12/24 at 1:15 pm to Billy Blanks
I'm sorry. I do not. Cost varies depending if you are buying out right or acquiring through your employer. Also more expensive for a male than a female as underwriters have determined, in their model, that women tend to live longer. How much coverage you are desiring also factors in.
Wish I had more to offer you; however, call around, get quotes. Your answers are out there. It will just take some time to gather it.
Wish I had more to offer you; however, call around, get quotes. Your answers are out there. It will just take some time to gather it.
This post was edited on 1/12/24 at 1:32 pm
Posted on 1/12/24 at 1:34 pm to BamaCoaster
This is what I have. Most on this platform will burn anyone at the stake that mentions WL; however, it has it's place and it is certainly not for everyone.
Posted on 1/13/24 at 7:21 am to Billy Blanks
They cover up to $200K-$300K of expenses. You have to get the plan while you’re healthy or you won’t qualify. I’m taking the risk of having to fund it out of my 401K.
Posted on 1/13/24 at 11:02 am to Auburn80
There are policies that pay far more in aggregated benefits than 300k. It's all a factor of the initial benefit amounts and benefit period selected.
Posted on 1/13/24 at 11:27 am to Nu Iota Prophet
quote:
Also more expensive for a male than a female as underwriters have determined, in their model, that women tend to live longer.
He said this backwards. Women are much more expensive, for the reason given.
Posted on 1/13/24 at 2:17 pm to BamaCoaster
quote:
It’s expensive.
Best to get a WL policy (whole life) with LTC rider.
I would love the down voters give their reason why this is bad idea.
Posted on 1/13/24 at 2:21 pm to Nu Iota Prophet
quote:
Also more expensive for a male than a female as underwriters have determined, in their model, that women tend to live longer.
More women go in to LTC facilities than men. Often times men receive care in the home with that care given by their spouse. Women go in a facility because once the husband dies there may not be any relatives locally to care for her.
Posted on 1/13/24 at 4:59 pm to BamaCoaster
Prefer a GVUL chassis over a WL w/ a chronic care rider but either is better than a traditional LTC policy.
Posted on 1/14/24 at 9:15 am to La Place Mike
quote:
More women go in to LTC facilities than men. Often times men receive care in the home with that care given by their spouse. Women go in a facility because once the husband dies there may not be any relatives locally to care for her.
This. My mom is currently in memory care. After dad died she hung on alone for awhile but it made sense for her to go to assisted living. Once the dementia crept in memory care was needed. Dad bought an LTC policy for them decades ago. No clue what he paid for it. It now pays her 3k/mo. until death. She's 82 and started drawing on it a few years ago.
Memory care costs $7300 a month after a 10% increase for 2024.
ETA: I do not have an LTC policy. I've chosen to self insure so to speak. My assets should handle the most catastrophic cases. Maybe my boys don't get to inherit it all, but should be plenty to make a great start.
This post was edited on 1/14/24 at 9:26 am
Posted on 1/14/24 at 6:16 pm to Billy Blanks
Yes, my wife and I both bought long term care policies when we were in our early 30’s. We set it up to pay $200/person/month for 20 years, from age 30-50. We went with “Lincoln Moneyguard Market Advantage” because it allows for market growth in the policy to grow the Long term care benefit.
Also, if we die, we get a life insurance payment.
Also, if we die, we get a life insurance payment.
Posted on 1/15/24 at 10:21 am to AugustaTiger
quote:
Yes, my wife and I both bought long term care policies when we were in our early 30’s. We set it up to pay $200/person/month for 20 years, from age 30-50. We went with “Lincoln Moneyguard Market Advantage” because it allows for market growth in the policy to grow the Long term care benefit. Also, if we die, we get a life insurance payment.
Food for thought and everyone’s risk tolerance is different, if you put this into a retirement account with 6% growth at 75 it would be $250,000 or more.
Paying for the insurance costs something, and it usually costs A LOT. Ultimately if you take it out of contributing more to your retirement, it comes out of your retirement one way or another.
Insurance companies like to roll things up into bundles so it looks like a better value but you are ultimately likely paying more and more for it all.
Posted on 1/15/24 at 12:20 pm to Billy Blanks
I carry a little cyanide amulet around my neck. That should cover my long term care.
Posted on 1/15/24 at 12:38 pm to Billy Blanks
If you're in your 30"s ou probably have enough time to self insure. Start a dedicated savings.
Posted on 1/15/24 at 12:52 pm to Billy Blanks
quote:30s is probably too early for LTC; I would have disability coverage at that age though.
Does anyone here have these? In our 30's and think it might be good.
I think, could be wrong, that LTC is for the elderly and is frequently bought in the 60s although the premium is lower at younger ages.
My wife, both in our early/mid 70s, and I have LTC. Mine cost <$4k/yr; her’s is about $7k and going up. But they have different features; her’s will pay out about $4k/month for 10 years mine pays less and only for 3 years. Each one has a 5% inflation rider.
You can buy a “till the end of life” policy but they are more expensive. Most elderly need help and are in a facility for less than 3 years; the big issue is with healthy people with dementia - they can live a long time and need help.
Our policies are with Genworth and they made a major error calculating the life expectancy for females. As a result her premium has more than doubled in the past few years while mine has not gone up much in 10 years.
Policies can be structured in so many different ways that just comparing premiums is not meaningful.
Posted on 1/15/24 at 4:26 pm to baldona
quote:
if you put this into a retirement account with 6% growth at 75 it would be $250,000 or more.
Definitely thought of this. The insurance does give me a little better leverage on my dollar than just investing in a brokerage account. I know there are more expenses with the insurance, but it gives my wife piece of mind and it we are already stashing enough for retirement.
Posted on 1/15/24 at 5:28 pm to baldona
We consider what Augusta has .. but we decided to do what you’ve outlined.
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