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know this.
My insurance company will pay for the damage to my garage.
Who pays for the removal of the tree?
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My insurance covered my orthodontics as a teen.
They covered all routine dental work.
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 Question about car wreck & medical bills?!?!? |
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 Insurance company question? |
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 Does renters insurance cover items in my vehicle? |
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 Insurance fraud? |
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Just say no! | Long Term Care Insurance Question? |
I have signed up for it through my employer and it is appx. $80 a month with inflation protection for $200 a day coverage through John Hancock. Anyone else have it? Is it REALLY worth it? I met with a finincial planner that suggested I get it IF it was an option through my employer and it is. I'm wondering how common this insurance is. I had never heard of it until now. I am 37 and wonder if the permium is high for someone my age? It's alot higher because I took the inflation protection to increase the value of the policy for estimated future costs. |
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Brian
 |
Here are some thoughts on why you should sign up for L/T care insurance:
1) You have a family history of illnesses that would cause the need of a facility
2) You are married and neither rich nor poor
1 is understandable. Let's think about 2, at $200/day, you can eat through a lot of money quickly, $73,000/yr. Yikes! If you are rich, you can deal with this, if you are poor, I mean dirt poor, Medicaid will pick up the tab. If you are in the middle, you can eat right though your family's saving quickly leaving your spouse destitute.
Is your rate high? Not sure, questions remain, such as, what is the coverage period? What is your waiting period? Do it have a Non-Forfeiture Benefit? Can you continue coverage if you leave your employer? All I can say is that coverage costs about $2,000 ot $3,000 for a 65 year old. Your rate seems "reasonable", if you can afford it.
Are you too young? Maybe. But, as you age your health declines and you may find yourself ineligible or at a high rate. Since you are young, you need inflation protection, who knows how much L/T care will cost when you may need it.
I've had coverage since I was 39 and my spouse has it too. And I'm paying the higher private coverage (not through my employer). |
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1614
 |
Well I don't know about the premium. This insurance helps you if for some reason you need long term care. For example an elderly person in a nursing home, or if you have an illness or injury which would put you in a long term care facility. I am in my 50's so something like that seems more of a possibiltiy than for someone your age. You might get a second opinion as to whether or not it is beneficial for you at this time. |
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stephenweinstein
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Long term care insurance is a good idea, but 37 is a little early to get it, because it is usually not used until much later in life. On the other hand, it is less expensive when young.
If you will be eligible to keep this coverage even if you change employers, then keep it. However, if you can keep this coverage only while you remain with this employer, it is almost worthless, especially the inflation protection. It is unlikely that you will still be worth the same employer when you first need long term care, and the amount of inflation during the time that the typical job lasts is not enough to justify the extra premium. |
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Susan C
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Good for you! 37 is not too young if you had a car accident! Your health insurance will only cover about 20 days of skilled care, and then you are on you own. The premium for that dollar amount with inflation is very inexpensive. What is the benefit time (lifetime?) and elimination. Hancock likes the 90 day elimination. Don't DO THAT! Go with a 0 day if you can change it. 90 days will leave you paying about 70 days of care which could run you about 18,000 before the policy starts to pay, and typically someone of your age gets better in that time frame to the point that you are not sick enough to claim anymore. If you need to keep it affordable, you can drop the inflation (that doubles your premium) and add it later, or lower the lifetime to 8 years or so. Still a lot of coverage. Good plan. 3 out of 4 of us will need this type of care at some point in our lives, and it is the most catastrophic claim out there! Kudos to you! |
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Richie Rich
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That seems a bit high to me. I would suggest getting a private policy though, you can usually get better coverage for the same price.
$200 a day is fine, unless you get multiple coming to you and raising that bill over that amount. That limit does not roll from day to day.
So if one day you get bills totaling $500 and nothing the next 2 days. That is not a spare $100 ($200 x 2 days - $300 overage), that is $300 out of your pocket with 2 days of no bills.
Also check to see if they require "professional care" or can your neighbor come and check on you. If the doc only requires someone to come and help clean and cook (if for some reason you can't), A neighbor doing it would be much cheaper than requiring a nurse come out. Some coverage requires a nurse to do it and takes away from the $200/day real quick.
Although the chances of using it when you are young are slim, it is still a good idea to have.
Ever heard of someone being disabled due to a car accident? Had a broken leg? Broken Arm? All of these can be a Long Term qualifying incident. The general rule of thumb is anything lasting longer than 90 days.
Something else to look at is how often the rates increase. Ask for the rate increase history of both the policy AND the company. |
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mbrcatz
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You are WAY too young to be buying LTC coverage. Put that $80 a month into a mutual fund. |
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