I am 67 and could spend about $100 a month. Not on Social Security yet until next June when I turn 68. How do i go about finding a GOOD long term care insurance?
Unfortunately, long term care insurance is extremely expensive. I don't know that, at nearly 68 years old, you're going to be able to find a reputable policy for $1200.00 a year,
If you have a financial advisor, this is a subject I would broach with him/her. If no advisor, then perhaps ask your CPA for a recommendation. An elder attorney might be able to give you some advice, but that can be a pricey consultation.
Depending on what your projected income is going to be down the road, you might actually be better off going the Medicaid route if/when you need a care facility; and that's where an elder attorney will be able to advise you.
Before you purchase anything, please make sure you READ and UNDERSTAND the entire policy. Some policies have impossible terms in place before they'll pay out: for example, they won't pay for coverage in a facility that doesn't have an RN on staff 24/7, which very few (if any) do. If you have a facility in mind, you might want to reach out to someone in their billing department and ask what policies they accept.
I would *not* call any of the insurance companies until you've done your own, independent research, because it's the job of the insurance companies to sell you policies. They are always going to make the police sound like the greatest thing since sliced bread; they're certainly not going to volunteer any pitfalls in the policies.
This is a policy that you should have bought at a younger age with inflation being factored in. We just had a post where the member said her parent's LTC insurance, that was bought when young, paid $25 a day. The cost of a NH is over 300 a day in my area and an AL is over 5k a month at least. Assisted livings and Memory cares are private pay. In most States Medicaid only pays for NHs.
Just like with life insurance, the older u get the more it will cost.
That was probably my post--my parents bought a LTC policy and when we had to look into using it, were shocked to see it only paid out $25 a day towards the kind of CG we needed for mom. Needless to say, it was basically worthless.
I know mom and dad bought this in their 40's, so in the 70's. I know they really thought it was a good move. It will sit in mom's portfolio, unused to the day she dies. When she's needed a little extra for a rehab facility, OS just does what she always does: Pulls out her Platinum Amex card and says 'put the balance on this' and goes her merry way. Trying to meet all the requirements for using the LTC policy was so daunting, this is what we opted to do.
BTW--mom and dad always said their LTC policy was 'the gold standard' of policies. It wasn't worth the paper it was printed on.
So--I wish you luck, and IF you can find something--PLEASE come back and let the site know!! This is a question that gets asked frequently.
If you have a financial advisor, this is a subject I would broach with him/her. If no advisor, then perhaps ask your CPA for a recommendation. An elder attorney might be able to give you some advice, but that can be a pricey consultation.
Depending on what your projected income is going to be down the road, you might actually be better off going the Medicaid route if/when you need a care facility; and that's where an elder attorney will be able to advise you.
Before you purchase anything, please make sure you READ and UNDERSTAND the entire policy. Some policies have impossible terms in place before they'll pay out: for example, they won't pay for coverage in a facility that doesn't have an RN on staff 24/7, which very few (if any) do. If you have a facility in mind, you might want to reach out to someone in their billing department and ask what policies they accept.
I would *not* call any of the insurance companies until you've done your own, independent research, because it's the job of the insurance companies to sell you policies. They are always going to make the police sound like the greatest thing since sliced bread; they're certainly not going to volunteer any pitfalls in the policies.
Good luck.
Just like with life insurance, the older u get the more it will cost.
I know mom and dad bought this in their 40's, so in the 70's. I know they really thought it was a good move. It will sit in mom's portfolio, unused to the day she dies. When she's needed a little extra for a rehab facility, OS just does what she always does: Pulls out her Platinum Amex card and says 'put the balance on this' and goes her merry way. Trying to meet all the requirements for using the LTC policy was so daunting, this is what we opted to do.
BTW--mom and dad always said their LTC policy was 'the gold standard' of policies. It wasn't worth the paper it was printed on.
So--I wish you luck, and IF you can find something--PLEASE come back and let the site know!! This is a question that gets asked frequently.