Anyone have this? I looked into it but holy #### it's expensive. Granted long term health care is too, I guess you can't win. They say 50s is the "sweet spot" cost-wise of when to get into it, but I'm on the fence.
There is some advantage to not postponing too long, because as we age we develop health issues that might result in a denial of coverage at the point that one applies. I had always heard that 60 was the swet spot. The "they" in my case is various articles I read as we were researching LTC.Who is “they”? Was it the insurance salesman? Sweet spot for him probably because if you start paying that early you’ll be helping make his boat payments for 30-40 years before you might actually need it.
No, pretty much every article I read on the subject. I'd hardly call 50s "early." And the later you wait, the more expensive it gets...far more so if you start having health issues (which start cropping up more as you get older too).Who is “they”? Was it the insurance salesman? Sweet spot for him probably because if you start paying that early you’ll be helping make his boat payments for 30-40 years before you might actually need it.
That sounds insanely cheap. What company?I was paying $20/month through my late 20s, then my 30s and 40s; premiums only recently went up to about $50/month. Starting that early, I may be putting in more than I could get out of it, but even at that young age I could afford those premiums and still save a lot towards retirement, so I decided to do it rather than try to build a bigger nest egg but risk a big chunk of it. I paid extra for inflation protection (5% cumulative annual increase in benefits), which I knew would work to my benefit over many years.
I'm sorry for your diagnosis and wish you the best. And you make a good point.For the past few years I have been back and forth second guessing my choice. The premiums are pretty high and we have a large enough portfolio to self insure. Had we invested the premiums for 18 years we would already have a nice LTC fund. On the other hand, s**t happens and LTC costs can be huge. As I reported in the other thread mentioned above, s**t happened to me a couple of weeks ago when I got diagnosed with Parkinson's Disease. The subjective NPV of my policy suddenly went way up. There is now a very good chance that I will need LTC assistance in 10 or 15 years, possibly for a good period of time. I may start a PD thread to see if others here have experience with it.
By the way, the fund I could have built up by investing the premiums would get eaten up in a little over a year's worth of full LTC payments.
That is now a very real possibility.
My policy is with Unum Provident; they first offered it in 2008 through my employer. And I thought it was cheap even back then, that's why I decided to sign up even though I was in my late 20s!That sounds insanely cheap. What company?