Reply to How much are you budgeting for long term or elder care?

Forum Index » Money and Finances

Reply to "How much are you budgeting for long term or elder care?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]
I’d have $250k a person earmarked per person.  Chances are great that only one person will need it.  [/quote]

Why not take 1% of what you earn on that $500K and buy a long-term care policy that you and your spouse can share?[/quote]

DP: Because if it's anything like my parents' policy the premiums have gone up and the benefits have gotten more restrictive.  They would have been better off investing the amounts they put into LTC insurance and paying for it themselves.  LTC policies have gotten a rotten reputation and people don't trust them.[/quote]

+1 I posted earlier, but my mom got ripped off paying into it for so long. [/quote]

It's not that the insurance companies are ripping people off either--they aren't making profits on these policies for the most part.  Not enough people are willing to purchase LTC insurance to make a robust enough pool when they are so expensive, there's a backdrop of Medicaid and the restrictions on the LTC policies don't protect you from the worst scenarios anyways.  I think more people are either self-insuring, or they are buying into continuous care communities that offer guaranteed admission and will accept Medicaid.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics