Quote:
Originally Posted by wdb
We got LTC insurance about 5 years ago, both in our 60s and after my wife had a brush with cancer. Definitely should have done it sooner. My premium (male) is ~$1.5K/yr and my wife's is ~$4K/yr. We think it's worth it; just look at the cost of a single month in a nursing home! Without something to stop them they can bleed your life savings down to nearly nothing.
We went with Northwestern Mutual. The other one that was recommended to us was Mutual of Omaha. You have to be extra careful who you sign up with because a whole bunch of insurers have bailed out on their LTC coverage and left people stranded. (I personally would be very suspect of the state-run plan, but that's me.)
There are a boatload of options to consider as well such as waiting period, coverage amount, max limit, yada yada. Our advisor said "you can buy a compact, a sedan, or a luxury car -- buy the sedan." That's what we did. We chose plans that leave us on the hook for the first 6 months, and pick up from there. It's a balance between the cost of the premium and the amount of risk/cost you are willing to assume.
Oh yeah -- find something that has clauses for things besides nursing home costs. In-home care and other alternatives are gaining popularity. Make sure your plan will help you pay for them.
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Excellent advice. Thank you!