Long Term Care Ins.

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2008-09-05 8:08 PM

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Master
1662
10005001002525
Flagstaff and Phoenix, AZ
Subject: Long Term Care Ins.

Does anyone have any advice on this type of insurance? I'm looking into coverage through a professional association's group plan, talked to an agent today. She will send me different options/quotes.

Is there anything I should keep in mind, anything you've learned when you got LTCI, if you did?

Are there any reasons why I shouldn't get it (now)? I'm single, no kids, 44, healthy. From all I've read, now IS the time to get it, not once I'm older.

2008-09-05 10:14 PM
in reply to: #1654277

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Elite
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Subject: RE: Long Term Care Ins.
But for someone single it doesnt normally make sense. It is normally used to help make sure your spouse and children do not have to spend everything they make/own to give you care and make sure you end up in a decent nursing home. If you are single you can liquidate your assets as you go to support yourself.
2008-09-05 10:21 PM
in reply to: #1654473

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Elite
2661
20005001002525
DC Metro, slowly working my way to NC
Subject: RE: Long Term Care Ins.

aarondavidson - 2008-09-05 11:14 PM But for someone single it doesnt normally make sense. It is normally used to help make sure your spouse and children do not have to spend everything they make/own to give you care and make sure you end up in a decent nursing home. If you are single you can liquidate your assets as you go to support yourself.

True, but there could be something catastrophic that happens while you're younger and don't have a boatload of assets to liquidate to take care of the costs of LTC if needed. Even later in life, you may not have enough assets to cover the costs.

 

2008-09-06 11:29 AM
in reply to: #1654277

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Master
1662
10005001002525
Flagstaff and Phoenix, AZ
Subject: RE: Long Term Care Ins.

My main asset will probably be the house. I couldn't liquidate that if I wasn't in a nursing home yet. A lot of people receive in-home care.

Does anyone have experience with the different premium payment plans/options? 

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