[Mish]

Hello everyone! I’m interested in hearing people’s thoughts and opinions on Long Term Care insurance. Are you considering purchasing it, or have you already done so? What factors influenced your decision, and do you feel it’s worth the investment? If you have any personal experiences, insights, or advice regarding Long Term Care insurance, I’d love to hear from you.

Your input can be valuable for those who are exploring their options and making decisions about their future care needs.

Thank you for sharing your thoughts!

[Amanda]

I’d rather the legalize and normalize assisted suicide.

[Scott]

Buy it in your late 50’s if you can’t self-insure. You need about 300k to self insure. So if you’re in your late 50’s and 300k in liquid investments is not looking good, I would buy it.

[David]

Financially independent people should be able to self-insure.

[Rupert]

I will have a very nice federal pension that will pay me for the rest of my life. If I need LTC at the end of my life I should be self insured. They can take my pension, investments, and whatever else I have and pay for it.

[Tristan]

Unless you have substantial assets to sustain your LTC needs and leave enough behind for your spouse if you have one, then it’s with it, my grandparents thankfully were very well off, because my grandma had dementia and lived 5 years in home with varying needs, if they didn’t have as much money as they did they could have had to draw it all down to get on Medicaid which would have then left grandpa with next to nothing.

[Sandra]

I have it. My mom had LTC and it fully financed her assisted living and memory care for 3 1/2 years. During those 3 1/2 years, we sold her house and saved all of her pension/social security.

Once the LTC benefits ran out, she had more than enough to cover the cost for another few years.

It was beneficial in our case, which prompted me to get it in my early 50s.

Useful: What is your Master Financial Plan which cover retirement, kid university fees, long term care whilst minimize Tax?

[Mickael]

Some people don’t like the idea that they will pay for something they might never need. It’s a “use it” or “lose it” product and if you die peacefully in your sleep the money is gone with you.

There are other insurance products you can utilize for the purpose of LTC and if you don’t use it will transfer to your heirs when you die.

[Milagros]

You might need the LTC benefits at anytime in life. Extremely important to have if you can while you can.

[Drew]

The general recommendation is to either have LTC insurance or have the ability to pay for LTC for about 3 years as typically stays in LTC are 3 years or less.

You can check current rates with facilities in your area for planning purposes.

[Donna]

Buy while they still offer it, most companies don’t offer it anymore as they spend more on insured than what they get from premiums. Long-term care insurance is not only for assisted living and such but also to pay caregivers that comes to your home to help with activities of daily living before you go to assisted living (bathing, transportation to MD appt., home-making etc.) it could be overnight or few hours a day. At this time, caregiving agencies charge between $25-$35 an hr and assisted living minimum $8-$10k a month.

They can take your home to pay for the facility unless your have a family member who is willing to take care of you until you pass. Long-term care is better than life insurance in my opinion even if you are wealthy because it’s an insurance that you get to use while alive and vulnerable.

I’ve seen a lot of rich people have these and though they can afford they are wise to get it, it’s like winning the lottery, that’s how valuable it is. I also saw patients in the assisted living as old as 101 years old.

So, you’ll never know you can’t say you will only live 3 years after entering the facility.

[Jonathan]

There are hybrid LTC policies that you can pay up in 10 yrs or as a single premium or anywhere in between. These policies allow you to pay for the average one year cost $100k in a lump or or spread it out but it’s paid up in 10yrs and you have upto 6 yrs of LTC coverage for what you paid in over the 10 yrs. If you bought it at 55 you have it paid up worst case at 65 and majority of LYC is covered. If you die in your sleep the death benefit repays the beneficiary the premiums you paid in. Do not do traditional use or lose it LTC. Hardly any company sells it due to premiums escalating over time. Wealthy or not if you can pay pennies on the dollar vs dollar for dollar for LTC why wouldn’t you.

It’s being a better steward of your money and stretching each dollar for max benefit. It’s just like doing a 529plan for kids in case they go to college. This is no different for the just in case you get sick. Uou are investing in your health. You are actually preserving your wealth and income for your spouse and family by being prepared and they get the money back when you pass away in your sleep.

If you use it then your retirement is not being double dipped for living and LTC needs.

[Author]

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