Long Term Health Care Insurance

[Joe Pelonio]

Anyone have this? My wife's employer is offering it at a group rate, and at the ages of 53 and 54 we'd hope not to need it any time soon, but they have a one-time enrollment period with no physical required. Having my mother-in-law at an adult family home, and with my parents needing help at times, I feel like it would be a good thing to have if it's affordable.

This plan offers $3,000/month benefit at a facility, $1,500 in-home for a period of 6 years, at a price of just under $100/month each. We could also opt for more or less benefit at more or less premium. It also has inflation adjustments included in the premium.

[Jim Becker]

About a year ago, I signed onto my employer's offered LT plan...it was time. Should anything happen to me that required a lengthy rehabilitation, the insurance would be very helpful in filling the gaps, especially for this currently two income family. The premium wasn't bad...sounds like it's similar to yours and I'll be 50 in a couple weeks.

[Joe Mioux]

Are you guys talking the same thing? Is long term health care more related to nursing home type insurance. And Jim, are you discussing Disability Income Insurance?

Joe

[Joe Pelonio]

I think you are right, the one I'm talking about pays for a nursing home or a healthcare professional in the home if you meet the requirement of disability where there are two daily functions you cannot perform yourself, such as cooking and bathing.

[Jim Becker]

We are talking about the same thing. Long term care is expensive and when your income is reduced because you can't work...having the coverage for the expensive services is important.

I think you thought I was talking about long term disablity. I get that automatically and without premium, but remember, it's not at normal pay level. I pay for long term care coverage which is the subject here.

[Bruce Shiverdecker]

This is a GOOD idea folks. My parents got it when they were in their 70's - VERY costly. Barb and I got ours set up several years ago while still in our fifty's. With the costs going out of sight, you really need to think about it.

The owner of the bldg my son rents is having to sell it. They have gone through all her liquid assets. The building has to be sold so she can go on assistance. Her monthly nursing home charge is $7200.00. I'll let you figure our the yearly cost. STAGGERING!

Bruce