While I understand your reasoning, insuring for the worst possible case in terms of length of stay can be cost prohibitive. Looking at the chart below and seeing that the vast majority of NH stays were less than three years led me to choose 36 months as the length of coverage for our policies. Even if that doesn't fund the entire cost, it will certainly cover a large portion of the expenses.
They are going to look at your health, just like major med or life insurance. How carefully depends on the company, your age, maybe how much you're buying, and any red flags that come up on the initial screening.And how is the cost model set up? Is it like health insurance that if you are already on meds for this or that, you are uninsurable for LTC? I am 55 and haven't bothered to look into LTC yet. Do you have to go get a physical and all that?
I just read an article by AARP written June 2012 and it said
Long-Term Care Insurance - Inflation Protection, Jane Bryant Quinn - AARP
This may be the reason everyone's rate is going up. Another reason may be (see below.)
And this below is some crazy inflation rate.
Yep. I'll say there's a difference between looking at that chart and buying a three year benefit and looking at that chart and buying nothing.While I understand your reasoning, insuring for the worst possible case in terms of length of stay can be cost prohibitive. Looking at the chart below and seeing that the vast majority of NH stays were less than three years led me to choose 36 months as the length of coverage for our policies. Even if that doesn't fund the entire cost, it will certainly cover a large portion of the expenses.
Yep. I'll say there's a difference between looking at that chart and buying a three year benefit and looking at that chart and buying nothing.
(Note, however, that I still haven't bought a LTCi policy. I'm still weighing pros and cons.)
To me, insurance is supposed to be for things that are unlikely but expensive.It's not just looking at the chart for me. It's watching what has happened to the generations above me 4 for 4 with nursing home stays of under 6 months.
That is if you lose the lottery and end up in a NH which is a 1 in 3 chance.
Long Term Senior Care Statistics
PS. As far as I know if one is headed for a NH you can still purchase annuities to extend the life of one's estate. When on Medicaid the state can take the monthly income stream but they can't take the principle.
PS. As far as I know if one is headed for a NH you can still purchase annuities to extend the life of one's estate. When on Medicaid the state can take the monthly income stream but they can't take the principle.
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PS. As far as I know if one is headed for a NH you can still purchase annuities to extend the life of one's estate. When on Medicaid the state can take the monthly income stream but they can't take the principle.