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David Cole on Miscellaneous William Smith on Miscellaneous BritC on Miscellaneous anthony combs on Care Facilities Bad Perry Boldine on Miscellaneous
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D. R. said
I have found this web site to be invaluable in learning about long term care. It has clarified a number of questions I have had and has given me the information I need to make a long term plan for my wife and myself.
Marsha L. said
Great information here but my big concern is how I’m going to pay for the a policy with all my other bills. Does anyone know if a medical savings account can be used to pay for this type of insurance?
David and Mary said
The article links are great and the videos very moving. This is such an emotionally charged subject and hard to deal with which is I think why so few people get insurance. It’s akin to buying your burial plot!
But if you don’t do it you could be in real trouble financially and emotionally. We took care of my mother for 2 years before she had to go to a nursing home. We brought in people to help out at a cost of about $150 a day for just home care. Her nursing home costs were paid for by selling her house.
Francis Delaney said
My sister was diagnosed with Alzheimer’s last year. We are very close and still live in the same town. She is 58 and healthy.
We have contacted the Alzheimer’s Association to start learning about this. We found the links to videos on your web page and watched the Merl Comer story online. It was difficult to watch knowing my sister’s illness will progress to that stage.
We want to thank everyone who has wished her well and want to pass on a web site that we found – carepages.com
Karen said
Thanks for the email tip about Terry Savage’s live chat yesterday. It was the first time I did a chat. Terry is wonderful. A lot of her answers were helpful to us. I look forward to more chats.
Elizabeth M. said
My husband and I recently purchased longterm care insurance. The advisor here was very helpful in answering our questions and helping with the application process. We previously had procrastinated for a couple of years. We realized that the longer we put it off the more expensive it would be. I know that the cost is relative to the risk but that didn’t make it any easier to sign up to pay almost $3,000 each a year. The advisor showed how we can afford to pay for it using the interest on our investments. The upside is that we now know that anything can happen to us and we are protected. Even more important our children are freed from the financial and emotional burden our care would have placed on them. This has left us feeling more secure, Liz.
Tom & Nancy said
If you think it’s expensive to buy long term care insurance just wait until the bills come.
My mother has gone through about $200,000 of her savings so far and she might go through another $200,000. The old saying really holds true in this case: penny wise-pound foolish. She said she had a chance to get insurance but thought it was expensive. We learned from her mistake.
I don’t like spending $600 a month any more than the next person but it’s better than spending $1500 a week. Do the math $600×12=$7,200 or $1500×52=$72,000. Any accountant or financial advisor worth their fee should be insisting their clients get insured.
Pat said
When my financial planner presented me with this insurance I thought it was an unnecessary expense, especially since she was going to make a comission! Then she wanted me to sign a waiver that she offered it to me and I declined. We talked more about it and finally I told her I would sign the waiver and think about it.
I was doing some searching and found your website. I requested a quote and also wanted to talk with someone so they could explain what I was getting. Your agent called me and explained the plan options and answered my many questions. I felt totally comfortable applying knowing I wasn’t locking myself into something I couldn’t get out of if I had serious second thoughts.
Well I did have second and even third thoughts until a couple weeks later when I was on my way home from work and was hit by a red light runner. Luckily only my car was damaged but it caused me to think that it could have been worse. Since I’m single I didn’t know how I would be able to take care of myself if something happened to me.
Thank you for helping me to get insured and having peace of mind.
Brian T. said
I’m a financial planner and have struggled getting my clients to protect their assets with long term care insurance. The denial about aging and needing care is incredible. If I present them a high-risk investment where they have a 50% chance of losing $200,000 they’ll jump on it.
I can only explain it as a problem with perception. No one wants to admit they’re getting older and may need care later in life (or tomorrow).
I think it’s fine to be in denial about some things but you still have to plan for the consequences of events that would be devastating if they occured.
I’m holding my breath that my clients get on board with this insurance before something happens to them.
Ronnie L. said
Thank you for such an informational website. My husband and I have been researching long term care insurance for a few months and needed to come to a decision and your website helped us sort out what is important to us to consider. We have the ability to self-insure but have decided that insurance is worth the cost, it will enable us to leave a better legacy for our children and grandchildren.
I’m amazed at the lack of importance most people place on this crucial insurance. When I talk with my friends about it they just laugh it off. All it will take is a $6,000 a month long term care bill to wake them up. We look forward to working with you to provide this protection for us.
Sarah M. said
The quote I received from Guide was as I expected for a 63 year old, expensive. But I have to consider that I have the choice to pay $3,000 a year for insurance or $6,000 a month out of pocket for care. I also might consider moving to a less expensive area so I don’t need $6,000 a month to cover long term care costs. Can I start with a higher benefit and lower it later if I move to a less expensive area? I’m worried that my health will change before I can get insured. So many things to consider but I have decided I have to start before my birthday in 2 months or it will be more expensive.
[ You can always lower your benefit since there is no risk to the insurance company. Some companies have a "window" after your birthday so you can claim the previous age rate. The window varies by company. Call or email us if you have any questions. ]
Bill Hendrickson said
I’ve found that this insurance is very detailed and can be overwhelming. I know it is important to know all my options but I have to just decide at some point. I am going to base my decision on my family history and my budget. I know insurance is cheaper than paying for the cost out of pocket but it’s not cheap. I’ve looked into various plans like AARP and our state retirement system and found the deductibles are too high and I’d rather pay a little more for better coverage.
Gene Armstrong said
I am interested in what you decided on. My wife and I are with Genworth now but are getting pressure from MetLife saying Genworth is a poorly managed company. Any thoughts?
[ It is seldom appropriate to replace one LTC policy with another. We have found few cases where it makes sense. With the top companies this is seldom appropriate (John Hancock, MetLife, Genworth, Prudential, Allianz), since there's not a lot of difference between them unless you have an uncommon requirement like cash benefits or who has the best international coverage. You can always call or email us if you have questions. ]
Gene Armstrong said
Does anyone have information on the quality of service of the various insurance companies? Some companies claim you can choose your health care giver and they will cover while others choose for you. The argument some give is that you will get less than adequate care if you let the company make the selection. I am familiar with Genworth and MetLife and although I have been with Genworth for 7 years, I am not sure they won’t raise their rates again soon. Competing companies, as you would expect, are not very complimentary of Genworth.
[ Genworth had the record of not raising rates, over 30 years. So it's a little unfair to criticize them, they had done a good job of pricing policies and underwriting (the two main causes of rate increases). Unless you have a really old policy or bought one with low benefits and/or high deductibles you are generally better off keeping it than replacing it. If it is low benefit or high deductible you might consider a second small policy to plug those holes. Call or email us if you have any questions. ]
LTC Connects said
Long term care insurance may appear to be prohibitively expensive, but considering how much it costs to stay in a nursing home or have home health care, it begins to look a little more reasonable. Of course, that doesn’t make the decision any easier. And the fact is, long term care insurance may not be for everyone. Do your research, ask questions. Don’t be afraid to get numerous long term care quotes. Research and Read!
Mrs. D. Ritchie said
My husband suffered a stroke about 6 months ago. I was hoping I could get him insurance but it’s too late. Guess you can’t get insurance after the fact. I’m looking into it for myself so my daughters won’t have to take care of me when I need care. I wish we would have looked into this sooner, but it’s not too late for me.
Jeann said
Thank you for the information. My mother age 82 entered a nursing home two years ago. It is costing her about $75,000 a year. Although she can afford it, it will still deplete her savings which she wanted to give to her grandchildren. I strongly recommend looking at getting insurance. The agents on this website have been very helpful. Have a wonderful day.
Perry Boldine said
“MetLife saying Genworth is a poorly managed company. Any thoughts?”
[ If you ask Genworth they might say the same about MetLife… Fact is both are good companies, the top 5 are (not in any order), MetLife, John Hancock, Genworth, Prudential, John Hancock. On the bottom of the list are PennTreaty and others. But the fact is that not everyone can health-qualify for a decent company (like good vs bad drivers). PennTreaty does take higher risk applicants but they face higher rates and rate increases. ]
[ Update: PennTreaty has stopped selling LTC insurance and is looking for a buyer. Existing policyholders will face a rate increase. ]
The big companies are reluctant to raise rates because their sales department screams that it can be used against them in a sale. Hancock is scheduling a small rate increase for older policies like Genworth did last year. MetLife hasn’t raised rates for individual plans yet but has for group policies.
This is a relatively new insurance so the companies have had to learn how to best price the policies at the same time the population is constantly changing they are also modifying their underwriting to make sure they don’t have to raise rates in the future, and if they price their policies appropriately when they sell them there should be no reason for an increase.
An example in California the CalPERS state retirement system LTC insurance has had two whopping rate increases in the last 3 years and very well might have another, they have a small pool (which is a risk with group insurance), they accepted higher health risks, and they underpriced their policies.
If you’ve had your policy for a few years it will be much more expensive to replace it. It would be better to add a second smaller policy especially if there are benefits that yours doesn’t have, like zero day home care elimination.
BritC said
I’m also with Genworth and am very concerned about its financial condition. They have just reported very large investment losses which the parent company is going to cover, but has driven their stock close to penny stock prices.
[Although their stock has tanked because of their involvement in mortgage insurance, it wasn't the AIG type of problem, more a general downturn in mortgages and foreclosures. I wouldn't worry too much about a Genworth LTC policy being a problem, but keep in touch and you can always call or email us if you have any questions. ]
William Smith said
After researching long term care insurance and the policies available, I came across Care Protector Plus by Preservation Advantage. It allows one to purchase long term care insurance and universal life insurance to work together to provide the best benefit with an unexpected death comes along. Has anyone heard of it?
[Yes, you can read about it here -- http://www.guidetolongtermcare.com/solutions.html see: 6. Life Insurance with Long Term Care Rider - a number of companies offer Life/LTC like John Hancock, and we've had some people do a 1035 exchange moving from a universal/whole life policy without LTC benefits to one with LTC benefits. Other options we have used are single premium life insurance with LTC like Moneyguard. Also for those who uninsurable they couldn't pass underwriting, they can consider an annuity with LTC benefits, see http://www.guidetolongtermcare.com/annuity.html ]
David Cole said
My interest in this insurance is a result of my experience with my wife who at 63 was diagnosed with dementia. Over the next 3 years her health slowly changed and required more and more attention. Our daughter moved back home and helped out. We moved her to a nursing home two years ago. It wasn’t so much the cost that effected us as much as the change in our daily lives. I don’t know how much insurance would have helped but I do know that since I am alone and do not have a spouse to look after me I do not want to burden our children, especially our daughter who gave up a year with her family to be with her mother day and night. For me right now this insurance is not just important it has become essential.