Long Term Care Insurance...do you have it.

HeatherC

Alas...these people I live with ...
Joined
May 23, 2003
We are starting to think about LTC insurance and plan on purchasing it after our last kids finishes college.

My parents bought an incredible policy many years ago and are now using it for my mom who is in an assisted living facility which has to be one of the best in the country. This place is fabulous on every level...from the staff, the rooms, the meals, the cleanliness, the activities, etc..

There is no way my dad can take care of her full time, so this has been a blessing and worth every penny. Their policy is for as long as they need it....no policies exist like this anymore.

After seeing what we have gone through in getting her the care she needs, dh and a I have decided we want to make this part of our retirement plan.

Anyone else have it? If so, what age did you buy it? We are 53 and 54 currently and plan to purchase it within the next three years. Can’t afford it now with college tuition.
 
Buy it now. The longer you wait, the more expensive it gets. We bought our policies when we were 50. $4,500 total for DW and I. We are both 62 now, for fun got a new quote, $14,000 for both of us!
 
Buy it now. The longer you wait, the more expensive it gets. We bought our policies when we were 50. $4,500 total for DW and I. We are both 62 now, for fun got a new quote, $14,000 for both of us!
Just curious, how many years per person did you purchase for around $5k?
 
Honestly I don’t know if there is such a thing in Canada.
Majority of Personal Care Homes in my province are run by the province.
A few are private.
The rate is income based.
 


That is the annual premium.
I didn't phrase my question well. I asked because it's hard to compare policy basics without some additional info.
So you are paying 4,500 per year for two people.

How many years of coverage do you have with that policy? ( 2,3,4 or more per person?)

Do you have inflation protection?
 
I didn't phrase my question well. I asked because it's hard to compare policy basics without some additional info.
So you are paying 4,500 per year for two people.

How many years of coverage do you have with that policy? ( 2,3,4 or more per person?)

Do you have inflation protection?
There is an inflation step up. 3 years each coverage. Premiums are suspended for the person in care when you are receiving insurance payments. You have to pay for the first 90 days of care before coverage kicks in. $5,000 a month each was the starting benefit before the inflation step ups.
 


Euthanasia / Assisted suicide really should be an option.

We allow/encourage it for our pets, why not for our loved ones?

I do not want to be a burden on my family. Given the choice between a LTC situation and euthanasia I pick euthanasia.
It is an option in 10 states.
 
Euthanasia / Assisted suicide really should be an option.

We allow/encourage it for our pets, why not for our loved ones?

I do not want to be a burden on my family. Given the choice between a LTC situation and euthanasia I pick euthanasia.

choosing a state that allows it even under very restricted circumstances was a consideration when we were first looking at states to retire to.
 
Euthanasia / Assisted suicide really should be an option.

We allow/encourage it for our pets, why not for our loved ones?

I do not want to be a burden on my family. Given the choice between a LTC situation and euthanasia I pick euthanasia.
I don’t put my pets down just b/c they get old & need more care. There is an in-between having no quality of life & not being able to care for yourself completely.
 
Euthanasia / Assisted suicide really should be an option.

We allow/encourage it for our pets, why not for our loved ones?

I do not want to be a burden on my family. Given the choice between a LTC situation and euthanasia I pick euthanasia.
Just curious - would you euthanize your elderly parents rather than have to take care of them?
 
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Just curious - would you euthanize your elderly parents rather than have to take care of them?
I said, I do not want to be a burden. I would choose assisted suicide before a LTC situation for myself.

I did not have to make the decision for my parents. My mother died from a heart attack. My father made the choice to not seek treatment for his cancer. So I assisted him through indirect and passive euthanasia.

http://www.bbc.co.uk/ethics/euthanasia/overview/forms.shtml
 
I said, I do not want to be a burden. I would choose assisted suicide before a LTC situation for myself.

I did not have to make the decision for my parents. My mother died from a heart attack. My father made the choice to not seek treatment for his cancer. So I assisted him through indirect and passive euthanasia.

http://www.bbc.co.uk/ethics/euthanasia/overview/forms.shtml
:confused3Why presume your children would feel that way about you? Maybe any effort and expense would be more than worth it for them to have you with them as long as possible.
 
:confused3Why presume your children would feel that way about you? Maybe any effort and expense would be more than worth it for them to have you with them as long as possible.
There is quantity of life and quality of life.

I exercise and eat reasonably healthy so I can have both quantity and quality of life.

In a LTC situation, I would not have quality of life. Those caring for me would not have quality of life. Caring for someone in a LTC situation is an emotional roller coaster that greatly impacts the care givers life and health. In that situation I would prefer the option to end things on my own terms in a humane way.
 
:confused3Why presume your children would feel that way about you? Maybe any effort and expense would be more than worth it for them to have you with them as long as possible.

Maybe he is saying if he gets to that point, where he has lost all ability to care for himself, he would rather pass on than continue to live with that type of quality of life. It's valid. I kinda feel the same way.
 
Maybe any effort and expense would be more than worth it for them to have you with them as long as possible.
Maybe he is saying if he gets to that point, where he has lost all ability to care for himself, he would rather pass on than continue to live with that type of quality of life. It's valid. I kinda feel the same way.

i would hope that my children would put my quality of life ahead of any their personal desire to extend my life for what it brings to them. there's a huge difference between being unable to live on your own such that a place like assisted living comes into play. help with laundry, housekeeping, meals...is hugely different from being entirely bedridden, incontinent, on pain management medications and in need of 24/7 monitoring akin to many if not most at end of life long term nursing care. my mother would have been grateful had she been given the option to take medications to end her suffering quickly and painlessly vs. the only option her state permitted (at the time)-hospice level pain meds that may have cut her end of life span in half but still had her needlessly suffering for 4 months.
 
We got it in our 40s. The cost has gone up two or three times and we had the option to add more coverage twice. (I missed it the first time but took it the second.) The thing I like about our policy is that we will get some of the costs of the premiums back if we don't use them. We got it after watching what happened when my aunt got Alzheimers and was able to get four years worth of Assisted Living, then skilled care, out of her LTC policy without much of a care (which turned out to be exactly the right amount of time before she passed). I believe it has become quite costly and hard to get now, unfortunately. Definitely shop around, though.
 
Buy it now. The longer you wait, the more expensive it gets. We bought our policies when we were 50. $4,500 total for DW and I. We are both 62 now, for fun got a new quote, $14,000 for both of us!
I think the recommendation is to buy it around age 60
It is cheaper if you buy it earlier, but then you are paying for it for many more years before you need it (statistically)
From Dave Ramsey:
An estimated LTC premium for a healthy 50-year-old man is $1,725 per year. If the policy remains in effect until this person is 95, he can spend approximately $77,625 in LTC premiums. For a healthy 60-year-old man, an estimated premium is $2,170. If he keeps the policy until he’s 95, it can cost him $75,320 overall.(7)

You can already see how buying at age 60 is a slightly better deal. But what would happen if, instead of buying LTC at age 50, you invest that $1,725 each year until age 60? You could have over $30,000! If you keep that money invested until age 95 and never add anything to it, you could potentially have over $850,000! That’s not too shabby!

Many people worry that if they wait until age 60 to buy LTC, they will develop a medical condition that will either prevent them from qualifying for coverage or significantly raise their premiums. If you have a family history of illness at a young age, or you are losing sleep because you’re worried about getting sick and not being able to afford care, then buy LTC when you can afford it. The peace of mind is worth more than any cash you’ll save on premiums.

Just don’t buy LTC at a young age because you think you’ll save money by doing it. As you can see above, that’s just not true.
 

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