Thanks deeno. I see long term care insurance as just another scare tactic for the insurance companies to make money.
From dabums post: "About 70% of those over age 65 will require some type of LTC services—either at home, or else, in adult day care, an assisted living facility, or a traditional nursing home."
Good chance that will leave me out. An uncle, 63, who had his heart explode while literally on the pot. A cousin, 62, who died of a heart attack two years ago while on the job. My sister in law, 56, pancreatic cancer, whose only "long term care" was a month of hospice.
Had an aunt, 77, die just a month ago from cancer. Her husband and son took care of her except for hospice the last two weeks.
Money Magazine has an article on the subject this month. Unlike term life, you don't know what you will pay next year:
" "John Hancock wants to hike premiums 40% this year. Genworth financial is asking for an 18% increase on some policies; and other insurers are expected to follow......In most states, regulators must approve rate hikes, so the ultimate increases probably won't be as bad as they look. New York, for example, has not allowed more than 15% in any year....consulting firm Milliman has found that only 8% of those with three years of coverage exhaust their benefits..... Sacrifice your standard of living to keep the policy or sacrifice the policy to keep your standard of living." |
