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  1. #1

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    Question Long-term care insurance

    I got the monthly newsletter from my investment plan, and started reading up on Long-term care insurance (LTC). I haven't done all my "homework" yet, but I'm sure being diabetic might make it a bit more pricey for me.

    I just started doing research on it, but wanted to know what all of you think or know about LTC's. Or, if you could recommend some books or sites to read up on this more.


  2. #2

    • Who Gave Rob an Avatar?
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    Re: Long-term care insurance

    Ask Chad he is probably the most qualified person to discuss this, and he has a license and everything. Okay, he says he has a license I've never seen it but...
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    Jesus, even I wouldn't eat that.

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    Turtle, the dorks are going to take upskirt robot pics.

  3. #3

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    Re: Long-term care insurance

    Quote Originally Posted by TikiRoomLiz View Post
    I got the monthly newsletter from my investment plan, and started reading up on Long-term care insurance (LTC). I haven't done all my "homework" yet, but I'm sure being diabetic might make it a bit more pricey for me.

    I just started doing research on it, but wanted to know what all of you think or know about LTC's. Or, if you could recommend some books or sites to read up on this more.
    LTC insurance is a great thing and if you can take advantage of it, do. My wife was a licensed insurance rep for State Farm and sold this type of insurance....it's a wise investment.

  4. #4

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    Re: Long-term care insurance

    Chad? Hmmm ... I'll think about that one ... LOL!

    DD, as for your positive response on this I have to admit it does push me further into opting for this. My main concern is that being diabetic I know I WILL be needing something like this down the line, and I want to make sure I'm covered and don't put a drain on my family when this occurs.


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    Re: Long-term care insurance

    Quote Originally Posted by TikiRoomLiz View Post
    Chad? Hmmm ... I'll think about that one ... LOL!

    DD, as for your positive response on this I have to admit it does push me further into opting for this. My main concern is that being diabetic I know I WILL be needing something like this down the line, and I want to make sure I'm covered and don't put a drain on my family when this occurs.
    You'll laugh when I tell you this. We proposed the idea of LTC insurance to my sister when she was married to her first husband. He was 35 years older than she...........but they divorced when he was 60 and she was 25, so it's not our worry any longer. She's married to a much younger fellow now - but that's an entirely different story.

    Fact is, you don't want to be a drain on your family, so something like this - LTC insurance, if you can get it, would be a great thing.

    I don't know what organization you are going through, but if you have any questions, feel free to send me a PM and I can get you answers from my wife.

    Good luck to you!

  6. #6

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    Re: Long-term care insurance

    LTC is affordable when you are young, but some people's definition of affordable are different. Most of the time LTC is purchased individually meaning there is FULL underwriting. Diabetis is something that is looked at VERY closely. Most likely at your age you would be insurabe but there will be a higher rate you will pay due to your health.

    Here are some things to ask yourself whether LTC is for you or not.
    1. Are you concerned about going to a nursing home?
    2. Does you family traditionally die suddenly or wither away (terrible question, but needed)?
    3. Are you concerned about leaving something to your loved one when you pass?
    4. Do you have a lot of assets that would be depleted with an extended stay in a home?

    There are plenty of other questions, but you need to buy something you truly believe in or it's worthless.

    Here's something else to keep in mind. Most people think a nursing care facility is covered by health insurance or Medicare. It is NOT! Health insurance is responsible to care for you if the claim is to improve your health. Sitting in a LTC facility doesn't improve your health. If you have no LTC insurance, it will deplete all of your assest. Once you are legally "destitute" Medicare will pay for your care. Remember the facility you are in then may not take Medicare meaning your loved ones have to find someplace else for you.

    So weigh out your options Liz. You are one of the best MiceChatters around so if you have any more questions, you are welcome to ask them here or in a PM.

    Chad

  7. #7

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    Re: Long-term care insurance

    Thanks Chad, those are lots of good questions to think about. My main fear is ending up like my future MIL, if she even makes it to that point. She has diabetes as well, had her leg amputated and is now taxing her kidneys and heart with her constant swelling due to complications from another health issue she has. My boyfriend is her sole caregiver since she just lived paycheck to paycheck and didn't really save or set money aside for something like this.

    I see how it taxes Nick and I wouldn't want to put him or my family under that type of stress needlessly. Seeing that situation I've started eating better, losing weight and taking great control of my blood sugars - I'll probably get off some of my meds too. But I do know having diabetes will hike things up a bit, yet in the end I think the peace of mind will be well worth it.

    Believe me, I'll be contacting you in regards to this.


  8. #8

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    Re: Long-term care insurance

    Good for you Liz. So many people see their health going down and do nothing about it til it's too late. I've tried to help too many people who are in the situation that you speak of and it's so much easier to plan ahead. If you Fiancee's Mom gets in a horrible situation where she can't take care of herself at all, I can at least guide you through the formalities. Anything you ever need just give me a call. My advice is free. OK, maybe it'll cost a dole whip, but I'll serenade you in the Tiki room. Those Tiki gods really know how to sing.

  9. #9

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    Re: Long-term care insurance

    How much does insurance like that cost? What is an appropriate age to obtain it?

  10. #10

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    Re: Long-term care insurance

    Quote Originally Posted by Aristocat View Post
    How much does insurance like that cost? What is an appropriate age to obtain it?
    LTC insurance is pretty expensive. As always, you will get your best rate buying it early but you are paying for years you least likely need it. On the other hand, you do have to qualify for it, so if you wait to long and develop a serious illness you may not be able to purchase it.

    Cost vary on a number of items. Most importantly, how long the policy will pay for and does it have an escalating clause. An escalating clause basically says the amount it pays to the Nursing home will go up every year. This make sense because when you go into a home, those rates aren't fixed for as long as you stay there.

    I'm trying not to make things too confusing, but that is the nature of insurance. If you have any more questions fire away. If I don't know them off the top of my head I can find out.

    Chad

  11. #11

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    Re: Long-term care insurance

    I'm thinking I'll go to my financial advisor and see what I get there, and then seek other folks input like aashee and DD's wife. As of now I don't have lots of assets, but I don't want to effect anything that I might gain in the future. Plus, even though I would like to obtain this type of insurance for peace of mind - heaven only knows I wouldn't want to use it.


  12. #12

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    Re: Long-term care insurance

    If you invest the same amount of money the monthly payments would be - by the time you need it, you will have more than what the policy value is worth.

    How do you think insurance companies make money?







    I am Sambo, and I endorse this signature.

  13. #13

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    • Skeevy Ray Vaughan
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    Re: Long-term care insurance

    Quote Originally Posted by Sambo View Post
    If you invest the same amount of money the monthly payments would be - by the time you need it, you will have more than what the policy value is worth.

    How do you think insurance companies make money?
    Same is true of life insurance unless you get hit by a truck tomorrow. Your theory is 90% correct but you know as well as I, people don't save enough.

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