What are you budgeting for LTC?

[RetiredHappy]

On a related note, I received another premium increase notice from Genworth on Friday. With each notice, which has been happening every other year for the past 6 years, different options are offered. This time is to keep the compound 3% inflation rider across all the options, but with varying maximum benefit and premiums.

Here's what they offered me:
- Current coverage: $9,917 per month for 5 years (compound 3% increase every year), premiums go from $129.38 to $142.32.
- Alternative A: $9,018 per month for 5 years (compound 3% increase every year), premiums stay at $129.37.
- Alternative B: $7,212 per month for 5 years (compound 3% increase every year), premiums go down to $103.49.
- Alternative C: $6,311 per month for 5 years (compound 3% increase every year), premiums go down to $99.54.
- The last option to stop payment and keep the paid up amount ($20K) as benefits.

They have also included that for my area, the current cost of home care based on 44 hours per week is $6,673, Assisted Living is $5,875 and Nursing Home is $16,197.

We decided to pay the increased premiums for current coverage.

 

[Route246]

No LTC policy. Will self insure. I assume $120,000/year and we can carry that for a long, long time with lots of buffer on top.

Same here, we are self-insured. We have a big buffer and made it clear to our siblings that we were there to help in the event of them spending down their entire asset base if the worst happened. We also made it clear that we are not going to provide diversionary funds so that their lifestyles could be maintained. We are there as a last resort to allow for dying at home, dying with dignity and allowing the hospice process to do its thing. We also offered up to help fund experimental treatment not covered by insurance when the outcome otherwise is terminal or very grim. It may sound cruel but we need to see great financial sacrifice before we step in to help.