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Long term care insurance.

Horsehat said:
This is a great deal for some folks, terrible for others, that is how insurance works. Unfortunately you don’t know which group you are in until it is too late. We don’t have it and at 70 is expensive to buy. All 4 of my wife and my parents required some degree of institutional care in their last years. Thankfully they were good savers and had paid for houses. Their care in the last few years of life took all they had accumulated through their working years. If you don’t buy a policy I would recommend setting aside some every month for what in my experience is almost certainly to come. Staying as fit and healthy as possible will make everything easier in the last years. In all the facilities they were in the obese were inordinately represented. When your muscle mass shrinks dealing with that extra 100 pounds becomes much more difficult,
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That is what has me thinking about this type of insurance If me or my spouse was put into long term care it could leave the survivor in a bad way financially.
 
basstracker89 said:
OP, good subject. My In Laws really racked up. They went into assisted living and were paying all the bills and saving money on top of that. His employer, I believe it was, introduced a plan. They jumped on board. It really paid off for them. If you don't or don't think you'd ever have the funds to pay for the care, it could be a good idea to look into it. Just make sure to not over pay
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My sister had a stroke and doctors think she will require skilled nursing services for her remaining time.
 
boomer said:
Long term health insurance is a great tool to protect your family assets. A lot of insurance companies no longer offer Long Term. The length of term will also play into the premium cost. Plan on 5K for you and another 5K for your spouse annually. They do offer a cash surrender amount if you don't use it (or drop dead).
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That is very expensive.
 
Silvrfox said:
That is what has me thinking about this type of insurance If me or my spouse was put into long term care it could leave the survivor in a bad way financially.
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It well could have my In Laws. But instead it helped them out to get a good investment account started. Even to this day, she has a couple good pensions plus S.S. She's able to make her bills just on that. So the investment account just keeps growing. If somethin ever happened to her pension, she could still carry on
 
I had back surgery sept.2012 short term insurance was no problem. Long term was a nightmare. Born jan. 1957. So, 55 was 10 years from medicare. I got social Security disability 90 days after. But Cigna denied me. Long story they offered 25% or 20k and the lawyer got 11k. I was told the way the law is they can deny if the claim is legit. They only have to pay what the policy covers...no.more so why not deny and settle 25%. If your company supply's the insurance you cant get more than what they should pay. BUT if you buy long term insurance on your own the company will easily comply because we can sue for damages and mental anguish. The insurance has lots to loose but nothing if employers provide it. This is why insurance companies pay people to pay off politicians.
 
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