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honey | Is it a good idea to buy long-term care insurance? |
Is it worth it? Pros and Cons?
Additional Details
I am concerned about my mom who is 59. She does not have much in regards to finacial resources, but I worry that the premiums will be too high if she waits to long. I doubt she is poor enough for medicare. |
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stephenweinstein
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If she is married and they do not have enough money to pay for one of them to be in a nursing home while the other is living at home, then definitely yes; otherwise they will have to spend all their money on long-term care until they have almost none left; at that point, medicaid should pay for the nursing home, but there will not be enough left for the other person.
If you want to be able to inherit from her when she dies, then definitely yes. Otherwise, she may have to spend all her money on long-term care until they have almost none left; at that point, medicaid should pay for the nursing home, but there will not be much left for you.
If she is super-rich (like Bill Gates), then she can afford to pay for long-term care and still have plenty of money left, so she does not need long-term care insurance.
If she is so poor that she will be on Medicaid soon anyway, even before she needs long-term care insurance, then she does not need the insurance, because Medicaid will be paying the bills for the long-term care.
If she is somewhere in between (too rich for Medicaid and too poor to pay for long-term care herself), then she should get it. |
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insuranceguytx
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You need to study on this issue a lot more. Talk to several agents.
For one thing, everyone over 65 gets Medicare. All of us pay for that through our payroll taxes.
MediCAID is for the poor of any age. Medicaid will cover nursing home costs (but not home health care) once your mother has spent all of her assets on her own care. That means no inheritance for you if she goes on Medicaid.
Good Luck.
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ron h
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age? i would say yes. but before u do read the fine print |
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ben s
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In some cases it is almost a must to get long term care insurance. In Long Island NY, the average cost of a nursing home is $265 per day. I am a financial advisor at MassMutual, if you would like to speak more in detail please feel free to give me a call at 516-682-3412, or email me at bschlanger@finsvcs.com. |
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Bradley S
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Your mother’s best option at this point is to speak with an insurance broker who specializes in long-term care. A broker works with several health insurance companies, not just one, and can find the best deal for her. Brokers need referrals and a good reputation to stay in business, so they only work with reputable companies. To find a broker in your area, log on to a website like http://www.longtermcarewiz.com/ and fill out a form requesting a quote. There is no charge for the service and no obligation to buy.
Another option to consider, depending on your mother’s assets, is to buy a single-premium life insurance policy with a long-term care rider. The policy is paid for upfront with a lump sum, but the death benefit will be double or even triple the lump-sum payment. A single-premium life insurance policy will never be cancelled for missed payments, since everything is paid for upfront. The death benefit will be paid to the beneficiary(s) tax-free.
Here’s the cool part for your mother: The policy can be structured to allow tax-free access to the death benefit to pay for long-term care! If the money is never used for long-term care, it will pass to the beneficiaries just like normal life insurance. With traditional long-term care insurance, you make the payments and if it is never used, the money is gone. Single-premium life insurance guarantees the money will be used, one way or another.
To find a broker that sells single-premium life insurance, go to: http://www.lifeinsurancewiz.com and fill out a form requesting a quote.
If your mother owns her own home, she will want to avoid going on Medicaid. For more on that topic, see: http://ezinearticles.com/?Protect-Your-Home-From-Medicaid-Reimbursement&id=561572
Good luck! |
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hipster
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I think it is a good idea. Whatever assests your mom has, will be eaten up if she ever needs long term care. Whatever she has should go to you, not the institution. |
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aaron p
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Some people who you might consider talking to about this topic are an agent with an extensive LTC background, and elder law attorney, a financial planner. This really is a complicated issue and these professionals will be able to explain what LTC insurance does and does not cover and the different types available. |
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mbrcatz
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Well, if she gets it now, you're looking at several thousand dollars a year.
Plus, when you look at what it covers .; . . look carefully. It doesn't pay "100%", and it doesn't pay "forever". There are some serious limitations to what it pays.
To make it more interesting, the coverages aren't standardized. Which means, you have to look at the fine print for EVERY plan you're considering.
If she's not "well off", she could very well have a hard time paying the premiums for this . . . and might end up disappointed when payout time comes.
IN other words, you need to sit down with her, with her agent, and talk heavily about costs vs. benefits, with several plans that are offered IN HER STATE. Because there's way too much variability to get a valid answer here. |
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