How many own LTC insurance?

[jayanu]

I am curious about how many folks have bought LTC insurance in retirement?
And at what age?

I am 65, just retired last year, and wife is working another 3 yrs before retiring.
We haven't looked into LTC insurance yet but, I expect we will.

It sounds like a great way to protect yourself ... also a great way to get fleeced if you are not careful!

Would love to hear experiences.

Thx.

We do not have it. The majority of such policies have had to increase the premium or reduce benefits or both and several went bankrupt. The industry did not expect longevity in the beginning and it has created a negative impact.
70% will need some LTC - in-home, assisted living, nursing home, Dementia, etc. The average stay is 3 years but it can be 7-12 years for Parkinson's or Dementia.

Out LTC premium for $125K was ~$2,700/month at age 70. We decided to go to Type-A (Lifecare) CCRC as a hedge against the future cost.

 

[jayanu]

I am curious about how many folks have bought LTC insurance in retirement?
And at what age?

I am 65, just retired last year, and wife is working another 3 yrs before retiring.
We haven't looked into LTC insurance yet but, I expect we will.

It sounds like a great way to protect yourself ... also a great way to get fleeced if you are not careful!

Would love to hear experiences.

Thx.

There are many reasons why LTCi in today's market is not useful. Instead, look for good Type-A (Lifecare) CCRC. Preferably non-profit and with CMS 5 star and Rating agency as A or higher.