Reply to Federal Long Term Care insurance?

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[quote=Anonymous]FLTCIP is now 3.0. Notice they no longer have an unlimited/lifetime option. It suggests to me the long term insurance industry, and the actuaries who priced them, figured out they overpromised. Well, I bought my LTCI at the ripe age of 24 (33 now). An unlimited option with a 4% inflation option (my daily benefits are compounded 4% each year). And, I darn well expect that to be there. No way, I am getting out now looking around the marketplace.

I would create a spreadsheet of what you are being quoted now, anticipate an increase every seven years (when OPM rebids the contract)...just to be safe, double it, and price it when you anticipate to use it (that is, when you anticipate needing nursing home care/etc.).

The big big mistake people are making is anticipating only needing LTC for a short period of time. Folks: with the advances in science, I anticipate we will be living longer, not better, and I very much expect to be in a nursing home on the tail end of my lifespan. I would suggest you get some sort of protection foryoursel.[/quote]

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