Monday, November 08, 2010
MUST HAVE
There is no excuse. There are no options.
If you can, in any way afford it, you must.
We were advised in our early 60s to get Long Term Care Insurance.
It costs what everyone else in our age cohort cost who bought it at the same time. About 2500 dollars a year.
Ignore Long-Term Care Planning at Your Peril
The younger you are the cheaper and better.
We have never had a rate increase. We are with Genworth, owned by GE.
That doesn't mean there will not be any.
The good news here is that people are living longer and many are using their policies and the policies are paying off. But there was an actuarial miss for some companies and some are raising the rates.
Believe me when I say that this will not likely happen again. They got burnt. The realities are now baked into the new policies.
There are many harsh realities in this article. One is that Medicare or other general health insurance will not help with the costs if you are disabled by age. Well, some things will be covered but not the expensive care element.
Some people think that their children will take care of them. Money or actual nursing. Perish the thought.
The insurance kicks in when you have three of the ten or more signs of being disabled. Can't get up, can't feed yourself, incontinent and others. Those are the ones that scare me.
With my insurance we will get home care if needed plus all the equipment.
This isn't a very cheery topic for the blog but, since our annual bill is coming up, it is on my mind and here was this article.
