After all we've been through, how many consider LTC Insurance?
I'm contemplating getting a policy as Alzheimer's is on both sides of my family.
I've thought about the insurance; my mom got the best policy and thank God she did as it is benefitting her now...but I just don't want to think about it happening to me.
Hubby will always have the VA to fall back on as he is a Vietnam Vet w/disability...but I don't.
With a 401K and inheritance eventually, I hate the thought of a NH getting the majority of it.
I kind of wish hubby and I could build our dream home in the country and forget about 30 years from now. What to do, what to do?!! Any thoughts?
Re: After all we've been through, how many consider LTC Insurance?
I don't have LTC insurance yet but it is on my to do list. I also have dementia on both sides of my family. Mom had LTC insurance but Dad doesn't. By the time they decided to purchase Dad had 5 bypasses and 2 stints so he was unacceptable. One of my sisters has purchased LTC insurance recently. I don't want it to happen to me and I truly hope I never need it but for my daughter I would rather have it and not need it than need it and not have it.
Re: After all we've been through, how many consider LTC Insurance?
I don't have it, but have considered it. Now I can't get it as I am 1 year out of cancer treatment. I just don't understand why cancer doesn't make me a better LTC candidate. If I die from cancer, wouldn't it be cheaper than a long slow decline?
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Re: After all we've been through, how many consider LTC Insurance?
I absolutely considered it after all my Mom went through. I found that I cannot afford it. My income is way too low. It costs as much as my rent, leaving me nothing to eat.
My brother and sister in law are in better financial shape. They also considered it. Get this - he was not accepted because he is too healthy. Gasp! He never goes to the doctor. Medical exams were required and he passed them all with flying colors, but he was rejected.
They would have accepted my sister in law - who has long term chronic leukemia- but they decided to use their money some other way to insure they have enough for health care later. They put their house into a trust for their son.
It seems to me that if they insure a leukemia patient, expected to die young, but not a super healthy person where they might actually have to pay out, long term care insurance is a farce. The reason for our troubles might be that Mom lived so long - to 99 - and this scares off the insurers. They would much rather get your money and not have to pay out for any length of time!
My long term plan is to scrape by on my low income, using up any and all savings (this is easy with gas prices and failing investments) and then go on Medicaid if it still exists. Maybe I'll be lucky and die younger than my Mom ... my money might last until age 86.
Pessimistic thoughts. However, I love my life and enjoy it tremendously day to day, and trust that God continue to be with me in the future.....
Re: After all we've been through, how many consider LTC Insurance?
I make a decent living (thank God, being able to support 5 people myself ain't easy). Even if having two kids in college and paying for DH's day-care wasn't draining my paycheck, I wouldn't be able to afford LTC insurance. I'm in my mid-50s now. Maybe if I had bought it back in my 30s, I would have been able to afford it but who thinks that far ahead??? Plus at that point in our lives, we have other expenses. If you're wealthy enough to afford LTC insurance, the cost of NH may not be quite so prohibitive...it's the middle class who falls in the crack yet again.
