Reply to long-term care insurance

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Reply to "long-term care insurance - good idea?"

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[quote=Anonymous]My company is offering us the chance to get a group rate on long-term care insurance.

On the upside, we do not have to undergo the medical underwriting. But a policy is still expensive and since a number of companies have gotten out of the LTC business or raised premiums (forcing elderly clients to drop coverage), I am wondering if we will be paying into a system that will disappear in 5-15 years. Or will the company come up with 1,001 excuses about how they don't have to pay out our claims?

The costs of LTC are staggering and frightening. But we have a mortgage, a toddler, retirement plans and 529s to fund, so the prospect of giving several thousand dollars annually to insurance companies, which are notoriously untrustworthy, is also worrisome.

1) Do you have LTC insurance? Do you think it is a smart move? What do I need to check out to make sure I don't get burned?
2) Does anyone have experience filing LTC claims, perhaps for a parent or grandparent? Did the company ever pay up? Would you recommend it?[/quote]

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