Home Forums Hunting & Shooting Hunter's Campfire What's your take on Long Term Care insurance?

I have to ask once more. Do you run by the schitte you post from their website or do you think at least a bit and do what makes sense for you?

All insurance is a gamble, be it for cars, health, life, or whatever. The only one guaranteed to pay off is some types of life and you'll never collect it yourself. LTC is the same way. It's a big loss unless you need it, then you need it bad. The insurance companies have to turn a profit, so it's priced that way.

Here is my take. If you do not have a lot of net worth you most likely do not need long term care insurance. If long term care is needed you will speed what little money you have and then Medicaid will pay your care costs.

Now if you have a fairly high net worth and want to protect that net worth so your spouse can be assured of a good life if you get ill or if you want to leave some of your net worth to your kids then long term care insurance make some sense. If you get sick you will need to spend all of your money before you can go on Medicaid, now your spouse does not have money to continue the life style them were used too. I see it as asset protection.

wtf happened to when it's time to die, it's time to die?

having someone wipe my drool and azz doesn't excite me.

hope before I get there I can find the means to check out


grizzly scat? purty fair epitaph

Dementia doesn't work that way. A person can carry on for many years with only a shell on top of the shoulders. The rest of the body works fine but the brain is largely inoperable. They don't just lay down and die.

I have been in probably 20 or 30 ltc facilities, group homes, and the like.
There is a lot of difference, and the ones that the govt pays for are not the same as the ones where you can control where y ou are going to be.
Contrary to one poster, if you have a lot of assets, and are willing to spend them down, you are self insuring. If you have no assets, you may very well wish you had.
altsheimers and dementia are something i see just about every day.
you can live if you want to call it that for a long time with it.
Rock Chuck is right, they just don't lay down and die.
My mother was in a downhill slope with tia's, reducing in stages her mental facilities. Seven years with us. I had a huge fight at the beginnings with a half sister who wanted to place her in a home. That would have lasted about a year. We took care of her seven days a week, 24 a day. How many of you have kids willing to do that? If you do, you are lucky. If not, go check out a few group homes in your area as to cost, smell, etc, and see how you are going to pay for it.
a lot of these articles and financial advice remind me of someone that calls in a friend to preform a kidney transplant on them.

Watched my grandpa succomb to Alzheimer's.

A long walk on a cold winter day, while I have the wherewithal, is my long term insurance.

FWIW, my in-laws do carry LTC insurance but it's a hybrid policy that is some sort of life insurance and LTC blended. If they need care, the face amount of the policy pays out as LTC insurance. If they drop dead, it pays out as life insurance.

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Agreed,my friend. Should the day come when I need to be bathed or have to have help putting my clothing on, you'll find me at the bottom of a tree stand, easily accessible by ambulance,along with some relevant docs on top of an empty 5th and a prescription bottle.

There’s no easy way to die if you miss out on a car crash, plane crash or sudden heart attack, and it isn’t pretty. Life is going to suck, period. You can waste your own money or taxpayer’s money and life will still suck. I don’t want my wife or kid giving up their lives to take care of me, and I don’t want to spend down my wife’s financial security or my kid’s inheritance maintaining a terrible existence. People put down a dog or cat and everyone tells them they did the right thing, yet we are forced to watch people fall apart piece by piece until their heart finally gives out. We somehow have convinced ourselves that it needs to be that way, and we, therefore, need to plan for that kind of existence by amassing wealth, buying a financial product, or getting the taxpayers to finance the totally sucky life. That makes no sense to me. We need to have a national dialogue on allowing people to go out on their own terms in lieu of self-financed or taxpayer financed sustained misery.

So the only difference between death and regular season is the relevant docs?

After 10 years of $2500/yaer payments @:

6% = $32,657

8%= $39,113

It's been right at nine years ago now and my memory isn't like it just happened last week so I asked my wife this morning after she woke up as to whether it was short or long term policy and the company name. Her memory was a bit better than mine but not on all the exact details.

She said without digging out old records and combing through them, all she can recall now is her dad's insurance was some form of extended care policy that he and her step-mother had acquired, as part of their estate planning, a number of years well prior to their need for it through, she believes, BC/BS.

He'll probably spring for something better than Georgia Moon Whiskey for his last hurrah.

My take on LTC is that one should invest in a proven, known Estate planner long before they need him/her or before they need LTC. They can guide you through the maze of LTC and protect what you have for your progeny.

If you buy LTC insurance make damned sure that the company you purchase it from can remain solvent - don't assume they can and will be. They go broke, you lose your azz and a few other azzes along with yours, too.ymmv

Hope long term care insurance works better than auto insurance does. Over the last 20 years I had 2 cars stolen.
Both times I called the cops and filled out the insurance claim forms. Then waited a long time. Both times the insurance
companies tried to offer half what the cars are worth. Both times I had to put up a fight to get my money.

In todays news there's an AP article on LTC insurance companies losing their butts and eliminating policies. A good read for those who may have an interest.