Decided to purchase Long Term Care insurance

[Anonymous]

Anonymous wrote:

Anonymous wrote:My mom bought LTC insurance. I am sure she didn't think she'd need it, and definitely didn't want to be in assisted living. But then she had a stroke and was unable to work or live at home. She has been in LTC since 2010. THANK GOD she had those policies which have paid for themselves MANY times over. Her facility is now $7k a month, compared to $3k when she moved in. I am sure the policy has paid $750k over the course of twelve years. If she hadn't had the insurance, things would have been pretty dire.

I think these policies are issued with the idea that people won't live very long in such facilities, but sometimes (like my mom) people live much longer than expected.

WHAT FACILITY??? That's amazing that she has lived for 12 years in a LTC facility. Sorry to say it bust most people don't.

12 years is a black swan event. That’s highly unusual. The average stay is 2 years.

[Anonymous]

PP again. The benefits often have caps that are far less than the $750,000!described above. Also, some have a per day limit that exceed care costs.

[Anonymous]

I have something called MoneyGuard. You pay a lot of money up front (like $50,000 or more depending on your age). If you die without using it, you get the amount you put in back. There are varying scales for how much it pays if you need it, depending in your age when you tap into it. It's much more complicated than I'm explaining it.

Here's a link: https://www.lincolnfinancial.com/public/individuals/products/longtermcareplanning/moneyguardsolutions

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My own anecdotal data, 2 geriatric physicians I've asked and retirement facility management personnel I've asked, don't have it. I'll check-in with them every few years.

Skilled nursing care is about 13 to 15 k a month. Those doctors might have that amount, but I don't.

24 hr care at home is at least $15.00 an hour.


Does everyone have this kind of money?

No
But I go with the flow.
Hopefully I will have a quick exit.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My own anecdotal data, 2 geriatric physicians I've asked and retirement facility management personnel I've asked, don't have it. I'll check-in with them every few years.

Skilled nursing care is about 13 to 15 k a month. Those doctors might have that amount, but I don't.

24 hr care at home is at least $15.00 an hour.


Does everyone have this kind of money?

No
But I go with the flow.
Hopefully I will have a quick exit.

Doesn't really ever work this way.