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long term care insurance
Old 05-11-2008, 12:48 PM   #1
gone traveling
Join Date: Mar 2007
Posts: 559
long term care insurance

I'm relatively new to this site and have been reading old posts.

My wife and i bought LTC policies in our early 5 years ago.

we were 57/52 respectively. I am not going to shill for them-i obviously
thought they were necessary.

just some words of advice from someone who researched plenty.

1. buy from a company that has been in it a long time and is big.
price means nothing if it goes out of business.
( we purchased GE(now genworth). with careful research you will find
the other Big long term players.)

2. price in future is important reason -but- almost as important is ability
to qualify- they don't have to take. future medical problems may make
it impossible to qualify -even if your willing to pay the price.

remember- research,research research


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Old 05-11-2008, 12:56 PM   #2
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Hey gerry,

Welcome here.

I long ago decided to self-insure on this risk. There are many folks her that disagree with me and believe that a LTC policy is a sane way to cover this kind of risk. Hope this does not become another thread of LTC vs non-LTC thinking.

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Old 05-17-2008, 11:23 PM   #3
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Location: Portland, Oregon
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My parents had a legacy GE policy and used it.

What you say about insurability, the need to research the company and the product is correct. We purchased ours at about the same age as you.

The forum has several LTC threads hashing out whether or not to buy the product so, Members, read those first.
Duck bjorn.
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Old 05-18-2008, 02:23 AM   #4
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We have policies through DW megacorp... purchased several years back with an inflation protection component. Our cost is about 25% of an individual purchase.

In our situation, the policy was a no brainer. I will not quote the cost here... but both of our policies are less than 6 months of full coverage car insurance (2 cars) and we both have good driving records and live in a lower cost area of the nation.

I felt we could not pass it up. We have a company that is long-term player in the market.

We could self insure... and afford it. But the LTC enables us to sell of that risk... Hopefully we do not need it.

Part of the issue is actually spending your resources if an event happens. I watched my mother (when my father became ill), she was reluctant to spend the money out of fear. That impacted her quality of life.

If something happened (today or in the future), to me or DW, we have the resources from the policy to cover care costs.
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