Medicare Doesn't Cover That | Long Term Care | Part 4 of 4 | Who Pays For Long Term Care?

Long Term Care is expensive AND not covered by Medicare.
So, for the high probability that you will need long term care, the question becomes, "how will you pay for it?"

The answers are pretty simple, and we go over the four ways to pay for long term care.

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[StephenHolton-fe]

Interesting that the counts of "Likes" and "Dislikes" are such low numbers versus the vast majority of other videos. I believe this reflects the blind eyes we turn on this health subject and the sense of denial we humans exhibit towards fewer days ahead versus behind us all.

[malinallitekpatl]

Great series. Easy to comprehend. Thank you.

[SuRFerretti]

Once again, this was an EXCELLENT series with detailed, but not mind-numbing, explanations about LTC insurance. First hand experience with my father, who passed from LBD 3 years ago, taking care of his daily needs was not easy. Consider caring for a 200 lb toddler on some days, and many days it was all night as well (aka 'sundowners' and middle of the night walk-abouts). Thank goodness for LTC insurance. When residential facility wasn't working (dementia patients are often confused and can get quite agitated) the policy paid a monthly allowance for an in-home caretaker who did a lot of the "heavy lifting".

[joselabiosa]

Wow! Excellent content, thank you. Having said that, individuals or couples could use a mixed basket of assets and of insurance products to finance ltc. As for example, traditional ltc to pay 30% to 50% of an estimated future cost or period plus proceeds from a reverse mortgage, a QLAC, and like you mention annuity contracts. Most needed content, thank you for the clip.

The LTC for federal employees/retirees is now writing contracts for 1, 2, 3, 4 of 5 years of coverage up to 3% inflation adjustment. The new LTC policies also have a feature to help stabilize premium increases along with a death benefits of premiums paid and not used if exercising the ltc. I bought a 5 yr for $350/day coverage nervous about overdoing it perhaps time to look into hybrid contracts to scale back coverage to 3 years and reinvest in other assets. I'm not happy with the idea to pay this high premium ltc ($661/month plus increases down the road) when I hit my 90s. The old policies were mispriced ltc products with life-long benefit contracts and 5% inflation features now unavailable. Sucks!
By the way, could you recommend a good source of information about the average inflation rate projections (national and by states) of ltc expenses? About once a year, Morningstar publishes a collection of stats about Ltc costs but rates of inflation for ltc costs including traditional and hybrid ltc products are almost non-existence or the last two years. Bummer!

[lifecontent]

I have a 215k ltc policy i bought 17 years ago. Its not a lot but better than nothing. I couldn't afford it if i bought it now

[pennyyoung]

What about if you are 65. Is it too late to look into LTC ins?

[gg]

Wonder if I could leverage my LTC policy into one of those buyin communities?

[johnurban]

After watching these videos the last couple years you have to do 50 million things to retire but yet I made it through 40 years of working without much of a problem. These videos are just commercials to get you to sign up with them. They tell you to watch their videos but don’t take advice from the videos and contact them because everyone is different. If you know yourself and how you lived your whole life you should be fine