Well this year another 20% increase to keep current coverage.
$923 a quarter for $392,000 max benefit,over 4 years
Have to think hard on this one,or maybe not.
Just had major gut surgery.
Oldmike
Expect more increases. They are hoping you will cut or drop.
They wore me down, too. I paid for a policy for 10 years and finally had to drop it due to outrageously high cost hikes. My loss.
So based on the comments so far, if you are able to self-insure, that is so much better than getting LTCI. Please confirm my statement is true.
One of the top 10 conversations here.
My thoughts are if one is truly able to self insure, then do so. It is the retirees without that larger net worth, but not so small either, that the decision is more complex.
They aim to wear you down. That's what they did o me and it worked. They saved 10 grand or so.
But they lost me for life and all I tell my tale to forever (until I die which they like even more)
Ours went up 10% this year (not Genworth) but that's the first increase for about 8 years. YMMV
Koolau, you have a very good policy/insurer there. Looking at DM's MetLife policy over the last 8 years the premiums have gone up 5 times for a total of about 50%. If my mother were not age 90 I would have suggested that she drop the policy.
Wasn't there some argument about buying a policy with a really long waiting period to keep the costs down? Most people probably can self-insure for a year or 2 and that's all most would need. But 5 or 10 years of LTC is where people could get into trouble.
And that's the quagmire. One doesn't know truly how long it will be. Instead of a massive increase to my mom's policy, I trade lifetime benefits for a maximum of 3 years with frozen premiums for 6 years.
My father needed LTC support for 4.25 years.
Ah, but the ones who stay will be the ones who suspect they'll need it- suffered a stroke, beginning of Alzheimer's, Alzheimer's in family, longevity in family, etc. So then the companies get a death spiral in which the remaining ones are more likely to need the coverage.
Two stories on trying to make a claim- one on this board and one from Jim Cramer, whose father suffered a serious stroke- have convince me it might not be there when I need it. Loved ones had to fight tooth and nail and pay their own experts to prove the insured needed LTC. Cramer said it almost cost him as much as the policy eventually paid to get them to pay the claim.