What does the group think of Long Term Care Insurance (LTC)? DW and I are in mid-fifties and close to FIRE. We are in good health and do not smoke.
We are thinking of LTC policies with a $225 starting benefit (good for my area), lifetime benefit, a 5% compound interest factor and a long elimination period of 180 to 360 days or even more. We would use a highly rated LTC carrier (Weiss B+ or better) with the policies containing the appropriate bells and whistles.
We see this as a form of asset protection to insure against a catastrophic loss so we dont have to take a substantial hit from long term stay(s) in a nursing home.
Is this a good idea or a speculative waste of money? Thanks.
We are thinking of LTC policies with a $225 starting benefit (good for my area), lifetime benefit, a 5% compound interest factor and a long elimination period of 180 to 360 days or even more. We would use a highly rated LTC carrier (Weiss B+ or better) with the policies containing the appropriate bells and whistles.
We see this as a form of asset protection to insure against a catastrophic loss so we dont have to take a substantial hit from long term stay(s) in a nursing home.
Is this a good idea or a speculative waste of money? Thanks.
