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Long Term Care Policy Options for Mom
Old 12-01-2019, 06:59 AM   #1
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Long Term Care Policy Options for Mom

My DM is 95 and received letter from her carrier regarding long term care policy renewal with 4 options:

Current Premium $2890

Option 4: Maintain current coverage (Accept Rate Increase) $3084

Coverage $60 day 208 weeks max

Option 3: Surrender policy for payment of $14911

Option 2: Convert to Paid-Up $ 0 premium

Coverage $55723 max

Option 1: Reduce benefits $2570

Coverage $50 day 208 weeks max

Thankfully she can afford the premium increase. I am good with all options and appreciate the feedback.


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Old 12-01-2019, 08:38 AM   #2
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Wow! 95 - God bless her!

Now, as far as the policy - because of her age, I would say either option 2 or 3, leaning more towards 2 - no more premiums and have the coverage. Based on the way you listed them, I'm understanding that $55k in option 2 is not set to any daily limit, just that it's $55k maximum payout. I think that is better than the options 1 and 4 which have daily caps. If the time comes when you need it, you'd be able to go for better quality/comfort for $100 or more a day if you like.

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Old 12-01-2019, 09:19 AM   #3
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I would go with option 2 . At 95 she has a slim chance of spending years in long term care .
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Old 12-03-2019, 07:51 PM   #4
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$50 a day is not much of a benefit. . . It is far less than the cost of even a shared room.

Not qualified to give advice on the subject but it seems to me I would call the insurer and ask if there are any other options than what is listed before I decided. I believe there often are other options if you ask.
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Old 12-03-2019, 07:55 PM   #5
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My mom got some version of this request on her policy.
We agreed to change her benefits from lifetime to 3 years maximum, but still kept the 350 per day benefit, plus no premium increases through 2028.
Mom is 86 y.o. and still takes spinning classes.
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Old 12-03-2019, 09:10 PM   #6
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You're creating a thread for a $194 issue? Just pay the $194.

What do you mean by the $55,723 in option 3? How much per week and how many weeks?

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