Long Term Care Insurance

[prubin]

Check out Allen Hamm's book -- Long-Term Care Planning: Assuring Choice, Independence, and Financial Security. It is a good primer and he does an excellent job of explaining LTC choices and policy features.

We (I am 62 and my wife 57 at time of purchase) purchased LTC from JHancock earlier this year. We were motivated by seeing parents exhaust funds and go on Medicaid. I have been a USAA member for almost 40 years and they have provided me with excellent service, so I turned to them for direction. The deal with only 3 companies -- Genworth, Metlife and JHancock and they helped us to determine that JHancock was the best choice for us. While I wish we had purchased a policy when I was younger this is an evolving product and there are now product features available which weren't choices a few years ago. In addition many of the questionnable providers have left the market and while there may fewer choices they are more reliable

[REWahoo]

Quote:

Originally Posted by prubin I have been a USAA member for almost 40 years and they have provided me with excellent service, so I turned to them for direction. The deal with only 3 companies -- Genworth, Metlife and JHancock... In addition many of the questionnable providers have left the market and while there may fewer choices they are more reliable

FYI, I'm a USAA member who followed their advice on an LTC policy 8 years ago. We were led to purchase a policy from one of those providers who have since left the market. Not saying USAA led us astray, just that following their advice is no guarantee you won't have future issues with an LTC policy.

[Rich_by_the_Bay]

Quote:

Originally Posted by REWahoo FYI, I'm a USAA member who followed their advice on an LTC policy 8 years ago. We were led to purchase a policy from one of those providers who have since left the market. Not saying USAA led us astray, just that following their advice is no guarantee you won't have future issues with an LTC policy.

Do you still have the policy? I always wondered what happens in such circumstances. If there was a conversion, did it affect premiums?

It's clearly one of the tougher calls for me in this whole retirement thing.

[prubin]

Quote:

Originally Posted by REWahoo FYI, I'm a USAA member who followed their advice on an LTC policy 8 years ago. We were led to purchase a policy from one of those providers who have since left the market. Not saying USAA led us astray, just that following their advice is no guarantee you won't have future issues with an LTC policy.

What was the outcome? DId you have to start over? I did not intend to imply that USAA was infallible.

[REWahoo]

The LTC policy is still in force, the company (CNA) didn't go out of business, just stopped writing new LTC policies about 5-6 years ago.

Prubin, I understand you weren't implying USAA is infallible. I was just pointing out that LTC coverage is so new that even a conservative, relatively well run company like USAA can't figure out which companies will be in the business for the long haul.