Currently using LTC policy for a parent. Policy bought when they were in their 60s. Parent went into assisted living at 88 and they are now 91 starting their 4th year there now. The policy has worked exactly as is was suppose. I did dread having to use it as have heard of the nightmares people went through to collect. Have had no problems at all. Policy has a max amount per day and is for life.

Anonymous wrote:The market is changing and will not be the same in 20 years. Premiums can increase on policies. The biggest issue is that no policy will protect you from the financial ruin of a long term stay which is the point of insurance. The point of a modest three year policy would be to protect some of your portfolio for a surviving spouse. If your portfolio is very large maybe you decide you don’t need it.

This was what what turned me off the policies I have looked at. There is no guarantee that the premiums will not increase, and I’ve heard stories about premiums increasing astronomically right when the policyholder gets to the age that they might need it. At that point, you have to decide whether to pay more expensive premiums or lose the money you’ve already invested.

Anonymous wrote:The only advice that's worthwhile, is advice from posters who have used the LTC insurance benefits, been able to use the benefits.

Not really — any policy that has already been used is not likely to be available anymore. The old policies were cheaper and had more generous benefits.

Anonymous wrote:

Anonymous wrote:My financial planner presented me with some options. The benefit of the insurance didn’t really offset the cost. He put me into an annuity that will essentially do the same thing. Except if I don’t use it, it will go to my kids rather than be a sunk cost premium.

So financial planner sold you his product and not the insurance guys product. Got it.

Sounds like a better product.

Depends on your age and premium cost - then if you use it. I used mine because of an unexpected stroke before 40. I can’t get it again and it terrifies me. Luckily, we were able to live on one income regardless but it was nice to have the cushion until I was able to return to work.
I wouldn’t consider it an option past middle age because the premiums are awful and it is hard to get.

The only advice that's worthwhile, is advice from posters who have used the LTC insurance benefits, been able to use the benefits.