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View Poll Results: Purchase a LTC Policy or Not?
No, I plan to Self-Insure 78 43.33%
I already have purchased a Policy when <60 years old 52 28.89%
I already have purchased a policy when >60 years old 8 4.44%
I am actively searching to purchase a policy now 6 3.33%
I cannot figure out the cost/benefits of this yet! 36 20.00%
Voters: 180. You may not vote on this poll

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Old 03-13-2012, 12:03 PM   #41
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Originally Posted by growing_older View Post
So what happens if someone with a LTC policy moves into one of those all inclusive CCRC senior homes that offer graduated levels of care from independent apartments through full time care. Does the policy ever kick in?
CCRC's typically have a 30 - 60 bed nursing home as part of the continuum of care. Most LTC policies will kick in when the CCRC resident transitions into a nursing home stay
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Old 03-15-2012, 02:51 PM   #42
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We purchased policies in 2008. I was 62 and DH was 57. I have a strong family history of Alzheimer's so my main concern was the possibility of the cost impoverishing DH... We could probably afford to pay for a year or two out of pocket, before really hurting. We got 4 year policies that should cover about 75% of the cost. Kind of a combination of ins+a degree of self pay....

The prmium increased this year by 16%. I was not happy, of course, but read the long thread startd by Nords about his father. I reviewed the policy, tweaked the budget, and will be paying the preemium.
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Old 03-15-2012, 06:29 PM   #43
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I'm not surprised that almost 50% who voted here have no use for LTC. IMO it's a costly insurance product that will probably become more costly in the future, not only to new insureds but also the long-time customers.

I'm prepared to self insure on this risk.
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Old 03-16-2012, 11:59 AM   #44
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Purchased for DW and me from Genworth 2 years ago at ages 54 and 52.
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Old 03-16-2012, 01:21 PM   #45
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My family has some longevity (my parents are 90 and 86 and going strong), so DH and I bought LTC that was employer sponsored and no physical exam was needed. We were 50-ish at the time. We believe it will help pay the cost but not cover it entirely. Even so, we feel it is worth it when you know you have a good chance of needing it at some point.

About a year ago they offered us the option to upgrade the coverage and we chose to, based on the current expectations for the cost of LTC.

It's not for everyone, but we felt it was right for us.

Norma
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Old 03-16-2012, 01:43 PM   #46
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My policy pays based on activities of daily living and will provide a benefit, all be it at a lesser daily rate as I recall, whether I live at home or at an assisted living facility.
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Old 03-16-2012, 01:57 PM   #47
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I bought one when I was in my late 60's after my wife died. At that point I didn't feel I wanted my children to be burdened with taking care of me if or when. Just something less to be concerned about.
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Old 03-16-2012, 02:26 PM   #48
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Assisted living arrangements are a good choice for many people and I would certainly move into one if needed in my future.
+1
we both started LTC in 50s, as a gift to our children. I don't want my daughter changing my d*pers. I visited FIL in assisted living and then nursing home for years. The highlight of his day, besides the visits, was a whirlpool bath and the nurses that gave it. It just happens, that you need help with everyday things, but life can go on.
You just never know.
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Old 03-16-2012, 02:42 PM   #49
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My situation - purchased policies 13 years ago for DW and me. Premiums have roughly doubled in that time. Still, the yearly premiums for both DW and me are LESS than a single month's stay for one of us in an LTC facility.

A few folks in this thread (and many folks on other LTCi threads) have mentioned rising premiums as a deterrent to purchasing LTC insurance. I have mentioned my thinking on the pricing of LTC several times in other threads, but will summarize again. So far, no one has disputed my (admittedly) speculative thinking on the subject. I say this because I would appreciate another point of view. Here goes.

LTC insurance premiums should NOT rise further if based on the the pay out to policy holders entering into care facilities. I say this because the benefit is an absolute "known" (XXX dollars/day) to the LTC insurance company. Further, the LTC insurance company SHOULD know (I always say to the second or third decimal) how MANY policy holders of WHAT age will actually USE their policies AND how long they will stay in the nursing home (it's called actuarial analysis - It's what insurance companies DO for a living). I submit that the only reason LTCI premiums have increased so dramatically is that they misjudged how many people would LAPSE their policies. TOO MANY people have NOT lapsed their policies (i.e., free ride for the LTCi companies). This theory of mine is backed up by what I have read and what I have heard from more than one agent. Oh, and just so no one forgets, there are insurance commissions which must approve rate increases, so the insurance companies can't just raise rates in hopes that more folks drop out (yes, they may actually accomplish that, but at least in theory, they have to show a commission that they need to raise rates). I'd be the first to admit that a "commission" could be corrupt or just stupid (hey, it happens) but at least it is one layer of protection for the consumer.

Once again, I'm not an expert and these are only my musings. For all I know, my LTC company will double my rates next year (again). I'm just not expecting it. YMMV as always.
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Old 03-16-2012, 05:44 PM   #50
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Of course in the extremely unlikely event that you actually found an unlimited policy, let alone an affordable unlimited policy, the care facility would have considerable motivation to keep you alive by any means possible.
CalPERS (California Public Employees' Retirement System) offer life time LTC benefit, so we went for it.
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Old 03-16-2012, 06:22 PM   #51
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I'm not surprised that almost 50% who voted here have no use for LTC. IMO it's a costly insurance product that will probably become more costly in the future, not only to new insureds but also the long-time customers.

I'm prepared to self insure on this risk.

+1 as in gambling, odds always favor the house.
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Old 03-17-2012, 06:43 AM   #52
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CalPERS (California Public Employees' Retirement System) offer life time LTC benefit, so we went for it.
The Federal program offers unlimited benefit periods - of course the daily amount is limited.
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Old 03-17-2012, 10:33 AM   #53
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Those who purchase through the Federal program aren't getting any discount (perchance some assume that it is 'a deal'). Some have reported that better buys from equally well qualified insurers are much less expensive. When we purchased LTC the program wasn't in place so I didn't do any research. It is my understanding that if an employer sponsors LTC the insurer waves health review for active employees.
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Old 03-17-2012, 11:07 AM   #54
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Those who purchase through the Federal program aren't getting any discount (perchance some assume that it is 'a deal'). Some have reported that better buys from equally well qualified insurers are much less expensive.
Maybe. When we signed up my father in law (who qualified through me and his son) went with another carrier for less. A month later (two days before the Fed open season closed) he called alarmed that his carrier was changing the rates. He bailed on them and went with the Fed program with minutes to spare. The reason I went with the Fed program is I know that OPM is negotiating with the carriers and watching for duplicitous practices. FIL ended up using this insurance without any problems. I suspect you could do as well with another reputable carrier but I found it easier and more comfortable to trust the Fed program.
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Old 03-17-2012, 11:21 AM   #55
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I am in the self insure camp and have $ set aside. Additionally, I will take the Kevorkian route for me if anything terminal crops up that could be protracted and miserable.
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Old 03-17-2012, 11:41 AM   #56
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I agree, OPM holds vendors feet to the fire. Perhaps that is why they charge more.
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Old 03-17-2012, 12:31 PM   #57
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With my pension, I am hoping we only need some kind of supplemental plan. Both me and my DW have a lot of longevity in our families, but stays in LTC have always been short for our relatives. Of course that's no guarantee. I'm only 45 and DW is only 42 so we have sometime to figure it out.
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Old 03-17-2012, 04:31 PM   #58
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I found it easier and more comfortable to trust the Fed program.
It should be made available to all citizens.
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Old 03-17-2012, 04:39 PM   #59
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It should be made available to all citizens.
So should the Federal Employees Health Benefits program. My nephew pushed that when he ran for congress in 1992.
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Old 03-17-2012, 04:43 PM   #60
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So should the Federal Employees Health Benefits program. My nephew pushed that when he ran for congress in 1992.
I recall you mentioning that previously. Yes, I agree. The Federal Employees Health Benefits program should be available to any citizen on a cost + small admin fee basis, similar to COBRA.
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