Long-term care insurance vs something else

[Banned LTC Salesman]

... which are of the type you cannot find anymore.

What do you mean by this?

What type is it that you "cannot find anymore"?

 

[Newventurer]

Looking at the average length of stay chart below, 2-3 years coverage should be adequate for almost everyone.

I would caution that length of stay in a nursing home at end of life is only one time period to consider with an LTC policy. There could be many years in an assisted living facility prior to arriving at the nursing home stage, that would be eligible for LTC insurance reimbursement.

You need to consider the various stages an aging person goes through and the potential time period that each of those periods may cover.

My mother, suffering from early Alzheimers, is coming up on her first year in assisted living and based on her physical health would appear to have a number of years to go before getting to the 'nursing home' stage. She is fortunate to have an unlimited time period policy (not unlimited cost) which I am not even sure is offered anymore by her carrier.

 

[target2019]

What do you mean by this?

What type is it that you "cannot find anymore"?

There are references throughout this thread and others that mention LTC products which provide a lot of bang for the buck, but are no longer available.

For example, the policies I mentioned are paying a lifetime benefit of approximately $475K over a five year period. That is to each policy holder. I am not considering LTC, but have assumed something like this in no longer available, or the premiums are such that most can no longer afford it.

Maybe I am wrong?

 

[Banned LTC Salesman]

There are references throughout this thread and others that mention LTC products which provide a lot of bang for the buck, but are no longer available.

For example, the policies I mentioned are paying a lifetime benefit of approximately $475K over a five year period. That is to each policy holder. I am not considering LTC, but have assumed something like this in no longer available, or the premiums are such that most can no longer afford it.

Maybe I am wrong?

a married couple I know in their early sixties recently bought a million dollars of LTC insurance for about $2,000/year per spouse.

I googled "lifetime/unlimited" long term care insurance and found that there are policies like that for sale, too. I don't have a lifetime/unlimited one, but they are available.

 

[target2019]

a married couple I know in their early sixties recently bought a million dollars of LTC insurance for about $2,000/year per spouse.

I googled "lifetime/unlimited" long term care insurance and found that there are policies like that for sale, too. I don't have a lifetime/unlimited one, but they are available.

That sounds like their costs in early sixties, but I don't have records that go back that far.

In their mid 80's (2011), the yearly premium had grown to about $8500.

 

[Banned LTC Salesman]

That sounds like their costs in early sixties, but I don't have records that go back that far.

In their mid 80's (2011), the yearly premium had grown to about $8500.

The policy they purchased is the kind that does not have premiums that go up every year. The company they bought their policy from has never had any premium increases on any of the LTC policies it has sold.

 

[REWahoo]

The policy they purchased is the kind that does not have premiums that go up every year. The company they bought their policy from has never had any premium increases on any of the LTC policies it has sold.

I see from your intro post that you identify yourself as "CLTC", indicating you are an insurance professional. Do you sell LTC insurance by any chance?

 

[target2019]

a married couple I know in their early sixties recently bought a million dollars of LTC insurance for about $2,000/year per spouse.

I googled "lifetime/unlimited" long term care insurance and found that there are policies like that for sale, too. I don't have a lifetime/unlimited one, but they are available.

I made a special google incantation: "lifetime/unlimited" long term care insurance scott olson

Sooooo, when you say you bought long and thin policies for you and spouse, who did you buy that from? What company did the agent represent?

 

[Banned LTC Salesman]

I made a special google incantation: "lifetime/unlimited" long term care insurance scott olson

Sooooo, when you say you bought long and thin policies for you and spouse, who did you buy that from? What company did the agent represent?

I bought my "long and thin" policy from Allianz.