Welcome to Dollar Stretcher Community Sign in | Join | Help
in Search

The Dollar Stretcher Community has a new home!

Feel free to read the great frugal living tips, ideas and discussions readers and community members have posted here. But if you'd like to post something or start a discussion, please click here to go over to our new community site and create an account.

Please contact Brandy@stretcher.com for questions about these forums.



Long term care insurance..do you have it?

Last post Thu, Dec 5 2013 11:30 AM by Walt34. 7 replies.
Page 1 of 1 (8 items)
Sort Posts: Previous Next
  • Fri, Feb 8 2013 11:51 AM

    • MarthaMFI
    • Top 10 Contributor
      Female
    • Joined on Wed, Apr 16 2008
    • New Westminster, BC, Canada
    • Posts 10,850

    Long term care insurance..do you have it?

    Well my term insurance became due for renewal so did that...just the rental insurance as our agent puts it. cheap and fine for the time being. $250,000.00 for $27 a month. So we looked into long term care insurance also since it is easier to get it now then later in life. Where you get a certain amount of money per week if you lose two of the 6 things of life like can't bath yourself without help which you can use for what you want..nurses, cleaners etc. You can use it over and over again. Was better for us to do it together since then if something happened to one of us then they suspend the insurance premium for the other while the other one is using the benefit. Also after so many years 5 I think..if one of us dies then the payments are suspended for life. We chose the option of paying premiums for 20 years and then we don't have to pay ever again and we are covered. costs about $20 extra per person per month but I figure better ..I would be 67 and dh 70 then. more likely to be disabled and needing care then just dropping dead. Apparently I am more expensive since I am a female and we live longer plus more likely to use it over and over again. Of course we have to be accepted but he says not a problem at our ages. so couple hundred dollars a month out but cheaper if we do it now. so between car, house and life/care insurance about $500 out per month. medical insurance is $108 for a family here but we don't pay that since dh job covers it.
    Officially recognized Stretchpert in Hobbies and Crafts
  • Fri, Feb 8 2013 5:04 PM In reply to

    Re: Long term care insurance..do you have it?

    We don't have it but are starting to think about it. DH is 57 and I'm 53. It's so expensive. I'm thinking that a good time to purchase will be when we are no longer covering auto insurance for kids (in about 2 years). I guess it's a good idea to start shopping now since it seems very complex.
  • Fri, Feb 8 2013 5:54 PM In reply to

    Re: Long term care insurance..do you have it?

    Yes, after DH had an "episode" which appeared stroke-like and I realized that he is way too big for me to handle, we got some. His costs about three times what mine does because the nurse with whom I talked put "stroke" in his medical record and we've been unable to get that changed. I do recommend that you start shopping sooner rather than later. AM
  • Fri, Feb 8 2013 11:06 PM In reply to

    • MarthaMFI
    • Top 10 Contributor
      Female
    • Joined on Wed, Apr 16 2008
    • New Westminster, BC, Canada
    • Posts 10,850

    Re: Long term care insurance..do you have it?

    Yes that is why we decided to look into it now. just gets more expensive.   I was thinking about disability insurance but I figure it is basically the same thing.

    Officially recognized Stretchpert in Hobbies and Crafts
  • Sat, Feb 9 2013 7:45 AM In reply to

    Re: Long term care insurance..do you have it?

    LTC insurance has disappeared from most reputable insurers in USA for private applications, though many companies may still offer it as a part of their benefit package. The remaining ones in USA have recently almost all jacked up premiums by a lot. I guess Canada is different...I envy you!
  • Sat, Feb 9 2013 11:42 AM In reply to

    • MarthaMFI
    • Top 10 Contributor
      Female
    • Joined on Wed, Apr 16 2008
    • New Westminster, BC, Canada
    • Posts 10,850

    Re: Long term care insurance..do you have it?

    Insurance does seem to be expensive in the US.   We opted for the $350 a week package for me and $400 a week for dh.  so if something happens that is what we get after 30days. can't afford more.

    Officially recognized Stretchpert in Hobbies and Crafts
  • Thu, Dec 5 2013 10:33 AM In reply to

    • brendahoward
    • Not Ranked
      Female
    • Joined on Thu, Dec 5 2013
    • Chicago, Illinois
    • Posts 1

    Re: Long term care insurance..do you have it?

    My mom has long term care insurance and she purchased it when she was in her 50's. She was healthy when she purchased it so her premium was affordable. She purchased it for security just in case something will happen to her and she will need long term care. It was a good decision since she had a hip replacement surgery and now her insurance is paying for her long term care expenses. I had no idea that this insurance product is this beneficial not until my mom used it.

  • Thu, Dec 5 2013 11:30 AM In reply to

    • Walt34
    • Top 75 Contributor
    • Joined on Mon, Dec 17 2007
    • WV eastern panhandle
    • Posts 1,406

    Re: Long term care insurance..do you have it?

    MarthaMFI:

    I was thinking about disability insurance but I figure it is basically the same thing.

     

    Disability isurance is most definitely NOT the same thing as long term care insurance.

    To my knowledge one is far more likely to need disability insurance than LTC insurance. LTC only pays for expenses incurred by events covered by the policy for such things as assisted living or nursing home care up to the limits of the policy. Like fire insurance it's good to have but you hope you never need it.

    Disability insurance covers all or a portion of income lost because of a disability. For example if you fall off a ladder hanging holiday lights and injure your back and are therefor unable to work, disability insurance will pay you an amount that is agreed upon in the contract for the specified period of time. So if you don't have sick leave or exhaust the leave you do have, disability insurance will allow you to continue making your house and/or car payments, keep the heat and lights on, buy food and the like without having to withdraw from savings, if one has any.

    LTC and disability insurance are two distinct and entirely separate entities covering two separate and distinct hazards to your finances. One has nothing to do with the other.

     

    Officially Recognized Stretchpert in Money Management
Page 1 of 1 (8 items)

The Dollar Stretcher has a new community!

Feel free to read the great frugal living tips, ideas and discussions readers and community members have posted here. But if you'd like to post something or start a discussion, please click here to go over to our new community site and create an account.

About Us    Privacy Policy    Writers' Guidelines     Sponsorship     Media    Contact Us



Powered by Community Server (Commercial Edition), by Telligent Systems