Do you have Long Term Care Insurance (LTC)?

[Frantasmic]

My father had a policy. He got one in his 60s that started out providing coverage for 4 years, $70 a day. As you age, the price will increase. So, they send you periodic offers. You can keep your coverage of 4 years at $70 a day, but it will increase. Or, for the same price, your coverage is reduced to 2 years. My dad did not realize what he was signing, but did not want his premium to go up. In the end, he was only covered for a year. But, it helped because he was in an assisted living facility and that money came in handy for the 7 months he was there. I purchased one through employer and it was similar. It was very inexpensive at first (like $20 a month for same type of coverage described above). That was good for about 6 years. I have recently started receiving the if you want same coverage it will go up in expense or reduce coverage for same price. This was through John Hancock, so I am sure there are several policies. The two I have had experience with acted in the same manner.

 

[tcufrog]

What is the ideal age to start this insurance?

 

[MIGrandma]

We are in the process of changing my husband’s life insurance, from Minnesota Life to Edward Jones. It will be double the death benefit and 3 years ol LTC for him. As of right now we do not have paid LTC policy for me, but we should. Both my parents spent the last part of their lives in a nursing home. Dad for 6 months, Mom almost 2 years. Both had to be on Medicaid. I don’t remember how much Dad’s cost, but I was paying Mom’s bills when she went in. It was over $7,000 per month, her social security and Dad’s pension paid about a third. The rest was covered by Medicaid.