msefren
Dryer sheet wannabe
- Joined
- Sep 23, 2015
- Messages
- 23
DW and I are scrutinizing LTCI plans. So far we have found 4 primary plans to consider:
* Self insuring utilizing the medical expense deduction and your IRA's
* Traditional LTCI plans with a scheduled premium to pay. The use it or
loose it plan. Rising premiums a risk
* Hybrid plans that provide a life insurance feature upon death
* An annuity plan with a LTCI rider. Invest a lump sum, the funds are
locked for 9 years with a free surrender amount available that reduces
your LTCI benefits if invoked. If accepted you may qualify for 2x or 3x
your initial investment in LTCI coverage. Return of premium guarantee
with 3% interest
Recent articles:
"Nonetheless, there are some people -- for example, those who have assets worth $300,000 to $500,000 above and beyond the value of their homes -- for whom LTC insurance may be a sound idea. This is particularly true if LTC insurance is viewed as a safety net rather than as a financial investment -- and if your policy includes coverage for assisted living facilities."
and articles such as this:
Two-thirds of all men, and one-third of all women, age 65 and older will never spend a day in a nursing facility.
Most nursing facility stays are brief -- only about 10% of men and 25% of women age 65 and older spend more than a year in a nursing facility.
Only 10% of all nursing facility residents will stay longer than three years.
More than half of all nursing facility stays last six months or less. The average stay of those who enter a custodial care facility is about 18 to 20 months.
My DW's mother is 94 and is currently in her 3rd year at a faciility expending her LTC funds and now using the proceeds from the sale of her home.
Comments, thoughts or experiences would be appreciated! TIA
* Self insuring utilizing the medical expense deduction and your IRA's
* Traditional LTCI plans with a scheduled premium to pay. The use it or
loose it plan. Rising premiums a risk
* Hybrid plans that provide a life insurance feature upon death
* An annuity plan with a LTCI rider. Invest a lump sum, the funds are
locked for 9 years with a free surrender amount available that reduces
your LTCI benefits if invoked. If accepted you may qualify for 2x or 3x
your initial investment in LTCI coverage. Return of premium guarantee
with 3% interest
Recent articles:
"Nonetheless, there are some people -- for example, those who have assets worth $300,000 to $500,000 above and beyond the value of their homes -- for whom LTC insurance may be a sound idea. This is particularly true if LTC insurance is viewed as a safety net rather than as a financial investment -- and if your policy includes coverage for assisted living facilities."
and articles such as this:
Two-thirds of all men, and one-third of all women, age 65 and older will never spend a day in a nursing facility.
Most nursing facility stays are brief -- only about 10% of men and 25% of women age 65 and older spend more than a year in a nursing facility.
Only 10% of all nursing facility residents will stay longer than three years.
More than half of all nursing facility stays last six months or less. The average stay of those who enter a custodial care facility is about 18 to 20 months.
My DW's mother is 94 and is currently in her 3rd year at a faciility expending her LTC funds and now using the proceeds from the sale of her home.
Comments, thoughts or experiences would be appreciated! TIA
Last edited: