Purron
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Nov 23, 2007
- Messages
- 5,596
My mom has asked me for advice regarding her long term care insurance. She will soon be 81 and is in good health overall. Her mother lived to be 96. She has good health care coverage thanks to my dad who retired from the federal government many years ago. Her annual income from a pension and social security is about $50,000. Her net worth is about $360,000 with about $220,000 of that being her paid off condo, car and personal possessions.
She has a high end LTC policy she purchased from MetLife in 1996. Back then, the annual premium was $1,810. It's gone up significantly in recent years and she just got notice the new annual premium will be $6,112.
Mom can afford to keep it but is naturally concerned about how much is costs now. I've done a little research and have found the following figures for care in our area on an annual basis. If mom did need care, she'd want to stay in this area since my brother and I live nearby.
Nursing home, semi private room $86,140
Assisted living $54,800
Home Care $24,700
I'm inclined to advise her to keep up the policy. There is always the option of lowering the coverage - either the daily benefit or the period benefits are paid.
Any and all advice and suggestions will be most appreciated.
She has a high end LTC policy she purchased from MetLife in 1996. Back then, the annual premium was $1,810. It's gone up significantly in recent years and she just got notice the new annual premium will be $6,112.
Mom can afford to keep it but is naturally concerned about how much is costs now. I've done a little research and have found the following figures for care in our area on an annual basis. If mom did need care, she'd want to stay in this area since my brother and I live nearby.
Nursing home, semi private room $86,140
Assisted living $54,800
Home Care $24,700
I'm inclined to advise her to keep up the policy. There is always the option of lowering the coverage - either the daily benefit or the period benefits are paid.
Any and all advice and suggestions will be most appreciated.
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