Is Long Term Care Insurance Worth the Cost?

Is Long Term Care Insurance Worth the Cost?
Asset based Long Term Care solutions and the odds of needing long term care.

Lane's Book:
The Holistic Retirement Planning Revolution

Martinsen Wealth Management: Office Phone [phone]

[donmountford]

You cannot guarantee you will not be in a nursing home. If you health requires 24 hour nursing, home care will not suffice. I plan on using home care tools as well but am realistic that under certain circumstances, a nursing home is all that will be able to provide the level of care.

[kellynicole]

Such a good point you make. Definitely need to consider LTC ins when the time comes. Thanks!

[ang]

I am 50 and brought LTC cost $10K per year for 5 yrs total pools $263000 where it can able to grow more than pool amount. I can hire family to care for me. If I died, family received life insurance. I hope not to use it but no one knows. At least I don’t have to take out from my investments or IRA where I will have to pay capital gain and income tax. LTC is not for everyone...if you have wealth like 1 mil+, then it is wise to shop for LTC cause it protect you from draining your wealth for LTC.

[Happy-bdyq]

Great advise. But no info about how to proceed. What to look for? Insurance broker? [who gets commission so sells the higher commission policy.]

[donreinholz]

I have heard hybrid insurance costs 3 times as much as LTC insurance. Also that most people wait till their mid 60's to purchase it and if not very healthy can't get it. Seems like old people get screwed either way. LTC premiums are rising at such a fast rate that by the time you are 80 you won't be able to afford the premiums. Sad.

[susanmarie]

I know a few people who’ve had long-term care insurance, and it was a nightmare to get the company to pay up. I wonder why this happened?

[Worthrhetime]

59 and have been paying for about 6 years, just asking myself.is this worth the cost ?

[jml]

Please elaborate. I googled it and got a confusing list and none of them were plans that reimburse.

[speedyCALI]

whats your sources for your statistics on the fire/auto ratios

[jackieurcuyo]

Please recommend a site that proposes/mentions safe companies to purchase LTC from? I have not idea who offers LTC products, I see Fidelity has some hybrid life and ltc, is that a good choice

[Richard-it]

LTC insurance prrmiums are out of contro and unpridictablel. A 2021 report by the National Association of Insurance Commissioners described more than 3, 500 approved rate increases nationwide for long-term care insurance policies. The average single requested rate increase was 78%, while the average single approved rate increase was 37%. The average cumulative approved rate increase was 112%.

[glyndarrussellgrancin]

Well how do I get my money that I paid into Long Term Care Insurance to the State of California?

[EricSmith-mztn]

How much does it cost per month on average?

[PaulAnthony]

What happens to cost if person is in their 70s and wants ltc insurance?