Originally Posted by RetireeRobert
Would you care to share what company you have your LTC policy with? Sounds interesting.
Mass Mutual. We signed up 4 years ago. They may have increased rates for the same coverage since then. Who knows. Our plan costs us about $3,000 per year(for both of us) for the coverage I outlined which we felt was reasonable. The plan has a 3% annual increase in benefits as well. The fact that this plan met the requirements for a Partnership Plan was the deciding factor for us.
I looked at some of the hybrid plans but was not interested in paying $50-$100k as a single premium as I felt these policies were nothing more than a life ins. policy with a LTC rider. Once you sink that much money in such a plan; you are stuck with it. I would rather pay year to year the same as with most insurance policies. If the rates ever become too high, we simply cancel. And like I mentioned, you might still need LTC earlier than you think. Paralysis, strokes, early dementia, etc. We felt the Traditional LTC policy suited our needs.