My 84 year old MIL has LTC insurance that she bought in her late 50's, but those premiums have gone up several times. She does benefit from it since it pays a major portion of her in-home "visiting angels." She wants to remain in her home and this allows her to do so.
That is a good deal but the premiums are much higher year by year and unaffordable most people in their 70's and 80's
My MIL paid for an LTC insurance policy for years, then was unable to use it at the end, so she wasted all that money for all those years when she was scrimping along on survivor's benefits Social Security. I have heard of many more people who got ripped off by them than who actually benefited from them.
Not all LTC companies and plans are the same. Your MIL should have had someone review the company and plan for her before buying.
I am not selling or soliciting LTC but am a big believer that everyone over the age of 50 should have it. I bought mine at age 58 as part of a retirement benefit and now at age 84 am receiving benefits. The cost of LTC is higher the older you are but quite affordable at the younger ages. The cost of getting old with medical conditions is high also.Present and Planned Social Programs do not pay for Long Term Care. This attached article from Forbes may answer any questions you have. https://www.forbes.com/sites/nextav...-i-buy-long-term-care-insurance/#a2d2c4811a84
My premiums are locked in and will not go any higher and next moth when I am 85 the premiums will be waived.
@Lon Tanner You had mentioned something about this in a previous post and it's been on my mind ever since. I'm 63 and the premiums are somewhat higher, but nowhere near the cost of long term care. I will inherit a comfortable sum of money down the road, but long term care could eat it up fast. Thanks for your information on this. I didn't even know such a policy was available.
I have completed the 90 day Elimination Period and the Assesment of my Assisted Living Needs. The monthly benefit will almost pay for my entire monthy rental which I have been paying out of pocket. It's been a great but expensive living experience so far.
I just found out that I have met all the requirements for receiving benefits from my Long Term Care Policy. I completed my 100 day elimination period on the 29th of September and will receive compensation for June July August & September.Future benefits will be paid at the end of each month. I have been paying my Assisted Living charges with my own resources and now insurance will take care of half.