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View Full Version : Living Care (and ins. to cover it)

bigred
8th January 2006, 09:06 AM
Along with retirement accounts, something I'm really getting back to thinking more seriously about (as one should all along, really).....

Anyone have this? Mind saying how old you are and about what it runs you monthly, maybe some general what-it-covers info? Just wondering as I know little about it and looking for more than sales pitches from vendors (although they can be helpful too).....also I have a federal ins. option which I'm hoping is a better deal, but no idea offhand.

Really just looking for general discussion on this but info. on those who really know about it/have it are of particular interest.
bigred
8th January 2006, 10:47 AM
A few brief articles FWIW:

http://www.heraldnet.com/stories/06/01/08/100bus_insurance001.cfm

http://news.enquirer.com/apps/pbcs.dll/article?AID=/20060108/EDIT03/601080360/1042/LIFE
bigred
10th January 2006, 04:21 PM
:(

freakin whippersnappers
Mycroft
10th January 2006, 06:10 PM
Do you mean long-term care? Like nursing home insurance?
bigred
10th January 2006, 09:09 PM
Yeah :d'oh: Guess it helps when you use the right term eh
Mycroft
11th January 2006, 12:00 AM
My wife used to sell that, among other things. I went over the numbers some, and it's got a very select market. I didn't like it myself because the coverage was always in terms of how many dollars per day they would pay towards your long-term care, which places the customer in the position of needing to guess how much nursing home care will cost in 30 to 40 years when you will actually need it.

I'd suggest a financial planner.
bigred
11th January 2006, 05:49 AM
But they have "inflation hedgers" to cover that now (normally purchase as option I believe).
Mycroft
11th January 2006, 03:49 PM
But they have "inflation hedgers" to cover that now (normally purchase as option I believe).

Have you compared the price to an anuity?
bigred
11th January 2006, 04:19 PM
:confused:
Mycroft
11th January 2006, 10:09 PM
:confused:


I spelled it wrong, it's got two ns, annuity.

Uhm, it's like a retirement account, only instead of having a fixed dollar amount, it gives you regular monthly or yearly payments from a certain age on until you die. Essentially, it's a pension you buy for yourself.

I bring it up because the structure is similar to the long term care insurance, only it's more flexable.

With long term care, once you go to the nursing home, the insurance company agrees to pay the nursing home X number of dollars to support you for the rest of your life. Compare that to an annuity which just kicks in with regular payments to you once you reach a certian age, and continues until you die. The difference is you can spend the annuity money on whatever you want, but the long term care insurance can only be spent on nursing home care.

Also consider that for most people, Medicare pays for the nursing home after all your assets are gone.