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Conversationalist
Posts: 10
Registered: ‎12-21-2013

Re: Longterm Care Insurance

Message 11 of 21 (1,666 Views)

You're going to have to compare plans of various companies.  Don't know any ombudsman -- but if you find one (and NYS has one for the elderly) contact them, too.  

Info Seeker
Posts: 2
Registered: ‎07-25-2011

Re: Longterm Care Insurance

Message 12 of 21 (1,656 Views)

So, where do I start this research?  What are some effective key-words for the internet?  Do some states have ombudsman to help give objective information?

Bronze Conversationalist
Posts: 25
Registered: ‎04-06-2013

Re: Longterm Care Insurance

Message 13 of 21 (1,635 Views)

Well, you sure as hell can't trust the insurance sales people!.  The only way to really understand what you are buying and what you need is to research the subject yourself.  It took me nearly 3 years to fully understand "index annuities".  I ended up buying one but only because I knew exactly what I was buying and why.  Unfortunately, I wasn't as well-informed when I bought my Universal Life insurance policy or my LTC policy, so I ended up with policies that were far from optimal.

Info Seeker
Posts: 1
Registered: ‎01-08-2016

Re: Longterm Care Insurance

Message 14 of 21 (1,843 Views)
How do I make a decision? It's so confusing and costly.
Info Seeker
Posts: 4
Registered: ‎06-16-2016

Re: Longterm Care Insurance

Message 15 of 21 (1,973 Views)

SORRY! Day late dollar short???

Info Seeker
Posts: 4
Registered: ‎06-16-2016

Re: Longterm Care Insurance

Message 16 of 21 (1,924 Views)

So True. I was ripped off for 20+ yrs for LTC and the monthly dues became so high I had to cancel. I rec'd a $15.00 refund.

Conversationalist
Posts: 10
Registered: ‎12-21-2013

Re: Longterm Care Insurance

Message 17 of 21 (2,191 Views)

I agree, and not only that, the benefits change with time. It's like bait and switch.  You sign up for one thing, and then when you need it the benefits have reduced and you could have saved the large premium for other things.  It's frustrating, even if you plan for it.  If you are not wealthy or have a wealthy family, long-term care of the kind you imagine is out of reach.

 

Bronze Conversationalist
Posts: 25
Registered: ‎04-06-2013

Re: Longterm Care Insurance

Message 18 of 21 (2,252 Views)

Depending on your age, LTC insurance may or not be feasible for you.  Look into indexed annuties with healthcare doublers.

Gold Conversationalist
Posts: 51
Registered: ‎02-22-2009

Re: Longterm Care Insurance and Senior Living Options

Message 19 of 21 (2,575 Views)

imnofish:  The original post stated senior living options in addition to the "commercial properties". 

 

Since retiring in March, 2015, I have realized that I need to continue positioning my retirement portfolio as best I can, so that it will enable me to afford the ever-growing senior living options--whatever they may be.

 

The only "belly up" scenario I can prevent is my attitude towards aging and do my best to stay financially informed, fiscally solvent, and personally accountable for my future lifestyle choices as I age.

Fey Lady
Info Seeker
Posts: 1
Registered: ‎12-13-2010

Re: Longterm Care Insurance

Message 20 of 21 (2,540 Views)

These senior communities are also commercial ventures, so what assurances do their residents have that THEY will not go belly up?