Originally Posted by SecondCor521
I thought you were the same person who posted that you were in fifth grade in October 1987. That would make you about 31 now, give or take. Why buy LTC so early? Even most who advocate it (at least last I read on the subject) recommend getting it about 50.
You are confusing me with someone else!
I am the later age. But we did go ahead and get it a few years back on a company group plan. Since DW was not using all of her cafeteria benefit allocation on the normal stuff (partly because I am on my own companies health plan), we thought it would be a good idea to get it. We got in @ 45. In other words, would rather hedge the risk than keep the couple hundred bucks.
Just as a side note... There is a small risk (I will admit), but people do wind up with problems at a younger age (e.g., an accident in an auto) and require care. Our plan cover Home Health and a variety of other options.
Well placed insurance makes sense to me. For us that is Home, Auto, Umbrella, Health, and LTC. Yes, it does cost a few $ per year... but we have alot to lose! And it took years to acquire it.
If I had to pay 12k or 15k per year on health ins... I would probably still do it (or figure out how to avoid the catastrophic costs) rather than face the possibility of losing everything.
LTC for us is a low cost. It is my belief that LTC is as much for the spouse that does not go to a NH as it is for the one that has the problems. IT gives them the resources for help without using up their assets. I have seen too many people wind up in a NH or needing expensive assistance (long-term).
All of that said... I am paying for the insurance, but I also praying that it is insurance that I never need it.
I think you will find that LTC is very prudent advice that is general recommended in retirement planning unless you have nothing to lose or are wealthy enough to self insure.
The fact that the discussion is happening means some people are unsure of what to do! If you wait until you need it or the probability is higher that you will need it (age), you will not be able to get it.