Golden sunsets
Thinks s/he gets paid by the post
- Joined
- Jun 3, 2013
- Messages
- 2,524
I'm interested in the forum participants wisdom on the issue of self-insuring for LTC.
My own situation is as follows:
DH and I each have LTC policies (not linked) that we purchased at 60. Each policy started at $170/day in benefits with automatic annual increases of 5 percent(now about $216/day). The benefits are good for only 4 years of use. Each policy has a 90 day period of residency before benefits kick in. Each policy could be used for in home care. The annual premium for both policies is $5,000.
Our finances are: Fully cola'd pensions, SS total 137,000/year. Total Annual expenses of $185,000, including Fed& State taxes of $50,000 (high partly to cover conversions of tIRA's to Roth over time). TA of $2,850,000. No debt.
I've wondered if we should self insure. What would others do in this scenario?
What do you all do with respect to LTC given your own scenario?
My own situation is as follows:
DH and I each have LTC policies (not linked) that we purchased at 60. Each policy started at $170/day in benefits with automatic annual increases of 5 percent(now about $216/day). The benefits are good for only 4 years of use. Each policy has a 90 day period of residency before benefits kick in. Each policy could be used for in home care. The annual premium for both policies is $5,000.
Our finances are: Fully cola'd pensions, SS total 137,000/year. Total Annual expenses of $185,000, including Fed& State taxes of $50,000 (high partly to cover conversions of tIRA's to Roth over time). TA of $2,850,000. No debt.
I've wondered if we should self insure. What would others do in this scenario?
What do you all do with respect to LTC given your own scenario?