Reply to Care to share what you (or loved ones) pay for assisted living?

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[quote=Anonymous][quote=Anonymous]This is 21:43.  AARP has a good summary on LTC.  https://www.aarp.org/health/health-insurance/info-06-2012/understanding-long-term-care-insurance.html

Basically, it is expensive, you can expect steep rate increases, and there are limitations on coverage, either the amount they will pay or a time limit or both. Also in the case of Alzheimer’s, like my dad, triggering the coverage can be tricky.  [/quote]

This is 15:20 again from page 2.   Good resource from pp quoted above.  I'm no insurance expert but we looked into a number of options for ourselves after the situation with my mother.   LTC is shockingly expensive if you don't buy it when you are young.  If you buy it when you are young, you pay for a long time for something you might never use.   When people are talking about triggering the coverage this is an important point.  You need to understand what the policy's conditions are and look at the stats on how likely those are.  Typically, the price for the policy will be based on 2 main factors - your current age and the # of days to trigger the policy.  There are also conditions to trigger it which are based on your ability to perform activities of daily living.   The most popular days to trigger seems to be 90.  Even for that we found the cost to be prohibitive to purchase at our age.

We ended up buying a Prudential permanent life insurance policy that has a long term care rider at the advice of our financial adviser.  I wouldn't buy any of these policies without an adviser you trust (who can look at your situation holistically and does more than sell insurance).  This particular policy rider allows you to draw money against the life insurance policy if you meet the criteria for long term care.  It is not as good as long term care insurance but we felt it was a good middle ground.  If we never use it at least our children will get the life insurance.   What we bought is called the PruLife Universal Protector.  The LTC rider is an add on that we pay extra to have included.  HTH someone![/quote]

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