5 Replies Latest reply on Nov 14, 2009 12:55 PM by LindaWoodstock

    Long Term Care Insurance, my experience

    Don46
      The university I work for offered a new LTC policy and I asked my local insurance agent to review it.  We did that just yesterday.  The university's group plan  was minimal ($50 in home, $100 in a facility, per day benefit).  For a little more, I went with a State Farm policy that gives us much better coverage.  There are a lot of different variables, all affecting cost, and in the end I took at $200 /per day max (at home or facility) benefit, for 5 year max, 30 day exemption ... at cost of $158/mo ... I'm 63.  My wife, 58, paid $113 for the same terms. 
      I did not do a whole lot of shopping around. I trust my agent and want to keep my insurance consolidated as much as possible.  it compared favorable w the Prudential group plan offered by the university. 
        • Re: Long Term Care Insurance, my experience
          jkom51
          Good for you for getting LTC insurance. You might want to check on whether you have compound inflation benefit. That's as important as home health care - without it, in ten years your $200/day benefit might be worth half that in inflated dollars, or even less.
          • Re: Long Term Care Insurance, my experience
            gwenkay56
            We just purchased a plan earlier this year. My husband is 65 and I am 53. We went with Genworth because they had a plan where couples could share the benefits. That way if one partner ends up needing a lot of care but the other does not, the needy spouse can get double the benefits, or vice versa if the tables turn.


              • Re: Long Term Care Insurance, my experience
                gilmha
                genworth financial insuance- question sharing life insurance j- husban and wife
                  • Re: Long Term Care Insurance, my experience
                    gwenkay56
                    Of course I have no actual experience with the payouts but our agent was very knowledgeable and we explored from many angles and it seemed the best option for us.
                      • Re: Long Term Care Insurance, my experience
                        LindaWoodstock
                        Ditto on Genworth--we worked with a broker who represented numerous companies, got comparisons & went with Genworth in early '08 because of spousal sharing of benefits as detailed by another author, reduced premiums under this spousal plan, and the fact that we can receive some benefits in Mexico where we will likely live for part of the year.  Its financial ratings did drop this year because of some risky investments, so many institutions have switched to John Hancock.  But our broker still feels that Genworth is adequately funded, will rebound and still has as much or more history/experience in this field than other companies.  Find a broker who represents many companies so that you get the benefit of comparison analyses.  If the broker is good, they will help you sort through the multitude of issues to consider--they still get a commission whichever policy they write for you.  Remember, too, 40% of all applicants are denied so anyone reading this shouldn't wait until they are too old & suddenly find themselves facing a serious health matter that makes you ineligible for LTC.  We don't want the other spouse to have to sell the house & spend out our entire retirement savings if one of us should become seriously ill with a chronic, debilitating illness.