Long term Care Insurance

[THUNDER_75]

I have been paying for long term care insurance for about 12-13 years. My company offered it back then at what I thought was a good price. I am now retired.



I have received a notice giving me the "opportunity" to increase the benefit by $50/day for about $55/mo. The cost side shows a 36% increase while the benefit has a 16% increase. This seams to be expensive incrementally. I am considering not accepting it which would lock me out of future increases. My thought is I can take the increase invest in S&P for 25 years and use to cover my benefit.


Your comments would be appreciated!
Thanks

 

[Dash man]

I think you need to look at the current and projected costs of care in your area and compare it to your LTC benefits, social security, pension and savings/investments you have. Then consider if you want to leave anything to someone after you’re gone.
I have LTC from a plan my employer offered 20 years ago and it offers inflation adjustments every three years. The premium for both of us has doubled in 20 years, but the cost of LTC has also climbed a lot. My plan also helps with assisted living and in home care if needed, so there is a better chance we’ll use it.
We want to leave a nest egg for the kids when we’re gone, so we keep the policies in force. Fortunately we can afford it.

 

[Montecfo]

I have been paying for long term care insurance for about 12-13 years. My company offered it back then at what I thought was a good price. I am now retired.



I have received a notice giving me the "opportunity" to increase the benefit by $50/day for about $55/mo. The cost side shows a 36% increase while the benefit has a 16% increase. This seams to be expensive incrementally. I am considering not accepting it which would lock me out of future increases. My thought is I can take the increase invest in S&P for 25 years and use to cover my benefit.


Your comments would be appreciated!
Thanks

The threshold question is: do you need more LTC insurance?

If so, what options do you have to secure it?