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Strategies & Market Trends : Dividend investing for retirement
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To: Michael P. Michaud who wrote (7029)1/2/2011 1:02:17 PM
From: Bread Upon The Water  Read Replies (3) of 34328
 
After watching my cousin lose her mother's beach home to the State (for the Medicaid supplement for the mother's long term care) I purchased a LTC policy for my wife and myself in our early 50's. I took out a policy without an inflation rider, but with a good benefit.

At 65 I found that inflation had raised the costs to my benefit level and predicting use of the policy in my late 70's and/or early 80's I would need more benefit so bought supplemental polices with an inflation rider.

If one is going to consider LTC insurance the advice I've read on it consistently recommends buying from reputable companies who have sold it for a long time and who are pricing it right (this means not the cheapest premium).

Also, the average stay in LTC facilities is less than 4 years so one can reduce premiums by going for a 5 year policy (or even three year) and by extending the waiting period until the policy kicks in to 3 or 6 months.

Additionally, one only needs purchase enough to supplement the difference between one's income and the cost.

Considerations of how much one wants to leave to one's heirs kick in here also.

Additionally, in the US, LTC premiums are tax deductible (if one is itemizing) once one's medical expenses (to include the premiums for LTC policies) exceed a certain percentage (7%?) of one's income. (Not sure whether it is AGI or GI).
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