Long Term Care Questions

[Anonymous]

If you've priced LTC coverage recently, did you find a rep who didn't try to game you into buying?

One rep tried to get me to buy it regardless of our NW because "the weathier you are, the more you need LTC coverage." Another tried to emphasize how much "easier" it will be for our children not to have to figure out which assets to liquidate when the time comes. And then there is the inevitable comparison with umbrella liabiiity and auto insurance (which are not all the similar given the $$ and severability). I get that they earn their money on commissions, but really?

All the bogus arguments just resulted in DW and I tabling the issue again.

[Anonymous]

Looking at my and D.H. parents, it would not have been worth it. My mom and later my FIL died suddenly in the hospital after short illnesses. My father moved to assisted living that his SS and veterans benefits covered. My mother in law does have a policy but at 91 I doubt she will ever use it.

[Anonymous]

Anonymous wrote:Looking at my and D.H. parents, it would not have been worth it. My mom and later my FIL died suddenly in the hospital after short illnesses. My father moved to assisted living that his SS and veterans benefits covered. My mother in law does have a policy but at 91 I doubt she will ever use it.

OK, but my mom has been in assisted living since 2010. That's 116 months times $6,000 a month = $696,000. Insurance covered it. She started paying premiums in 2001, and believe me she got that money back and then some. She is healthy, all things considered, but I'm glad $72k/year isn't coming out of her pocket.