Long Term Care Genworth

[Raygun99]

Sanity Check?

I am 71 DW age 70 TEXAS Took out LTC policies back when we were in our 50s. Original policy $ $180 per day: We had 3 year options to increase coverage and took it up to $232 per day Lifetime cap $464,000 Monthly charge $97.90 (I will use same for DW just to simplify) We had 1 "rate increase" several years ago and brace ourselves for another every year.

Sanity Check: They are offering the obligatory increase option again this year.

Additional coverage $37 per day $269.00 daily coverage MAX $538,000. Monthly premium goes to $162. + $64 per month.

Any opinions on the increase option or self insure for the differential? Aprox 14K per year coverage?

 

[Koolau]

Sanity Check?

I am 71 DW age 70 TEXAS Took out LTC policies back when we were in our 50s. Original policy $ $180 per day: We had 3 year options to increase coverage and took it up to $232 per day Lifetime cap $464,000 Monthly charge $97.90 (I will use same for DW just to simplify) We had 1 "rate increase" several years ago and brace ourselves for another every year.

Sanity Check: They are offering the obligatory increase option again this year.

Additional coverage $37 per day $269.00 daily coverage MAX $538,000. Monthly premium goes to $162. + $64 per month.

Any opinions on the increase option or self insure for the differential? Aprox 14K per year coverage?

It's too late in the evening (and I'm lazy) but it seems like not much extra coverage for a lot of premium.

I guess I don't recall a cap on payments. We had a 5%/year increase IIRC. I was thinking that was uncapped but I could be wrong.

Sanity? Who knows. How do you ever evaluate an insurance company's cost-benefit ratios. Trust? Probably not, but maybe you have reason to trust them.

 

[zippy2020]

Doesn't seem like it's worth it, unless your family genetics indicate problems.

I'm assuming your policies are tax-qualified? That's more important than anything else.