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L-T care insurance
Posted: Friday, September 6, 2019 10:17 AM
Joined: 4/16/2018
Posts: 11

I searched for this topic but didn't find any recent information.

Has anyone found a good resource for long-term care insurance for themselves recently? My parents bought a policy twenty years ago and it has already paid for itself since my mom went to SNF 18 months ago. It has been a godsend. It is a policy with no time limit which is difficult, if not impossible, to find now.

My insurance company for home, auto, etc., doesn't even sell them so they weren't much help. I am wary of buying a policy that only pays for a couple of years of care since my mother's mom was in SNF for 13 years.

Has anyone purchased recently?

caregiving daughter
Posted: Friday, September 6, 2019 10:39 AM
Joined: 11/27/2012
Posts: 2125

I have been looking into. Started at the library and got a book called, Long-Term Care: How to Plan and Pay for it (sorry, didn't keep author name). Made a copy of most of Chapter 9. It's complex. I learned a lot. I learned I am not going to go to a broker or someone who is paid commission to sell. I selected a couple companies that were financially sound and appeared to be able to be around when we're older. Reviewed them on-line. I think we've selected a product but I'm trying to understand all the financials. My gut is there are no longer open-ended policies. We'll be selecting an amount and time span. We'll likely go hybrid because I'm concerned about paying a lot and then not using. Good luck. Pass along what you learn.
Posted: Friday, September 6, 2019 1:14 PM
Joined: 7/17/2017
Posts: 403

Yes, my mother had one as well that paid out nearly 200,000 before she passed away, and she had only been paying into it for about six years. She had excellent health when she applied and was accepted, no medical problems and she wasn't on any medications at the time.  Her policy was Mutual of Omaha, and it did have a limit of about 200,000, with a 10% inflation rider. 

I bought my own policy a few years ago when I was working for Kaiser,  (Transamerica) during open enrollment. It's much easier to qualify if you  buy a policy through an employer-sponsored plan. I was able to take it with me when I left the company (but I have to pay the premiums, which are nearly 1800 per year, but it's with a 3% inflation rider per year, and I owe it to my son; he is an only child, as was I, and I wanted to have funds dedicated just to my care in case it's ever needed. Most policies these days will not accept you if you have medical issues or are on most any medications (or the premiums will be outrageous).  I don't know of any open-ended policies like your Mom's that are around any longer (no set limit on dollar amount).  

Please let me know what you find out, and thank you for bringing the topic up.  We are all here because we had to step in and help out with our loved ones, yet what are We doing to make sure that  Our kids aren't in the same position in 20 or 30 years?  

Posted: Friday, September 6, 2019 6:16 PM
Joined: 3/21/2019
Posts: 54

I need to seriously get going on this. My Mom and Dad picked up theirs through his employer 20 years ago. Dad passed long before with a heart attack but Mom continued to pay the premiums for herself. It has made Assisted Living/Memory Care affordable for the next 7 years. It does have a max per day and max total payout. Such a relief for now. She's 90. I better get moving on this. Will check out your links Victoria. Thanks for sharing.
Posted: Friday, September 6, 2019 6:30 PM
Joined: 6/3/2013
Posts: 790

My LTC policy (John Hancock) forgave my premiums when my husband died. They covered 100% of MC for three years, plus they covered 18 months is in-home care prior to MC.
caregiving daughter
Posted: Sunday, September 8, 2019 8:25 AM
Joined: 11/27/2012
Posts: 2125

The NOLO book is the one I was referencing