Insurance Part 3: Long Term Care Insurance

[Skippy918]

My parents plan to self insure. They told us they are okay with going into a nursing home as they wouldn’t want to burden us with their care. Considering 3 out of 4 of my grandparents lived till their mid to late 90s, it wouldn’t surprise me if they do as well. We plan to do the same as well.
My inlaws are both deceased so we don’t need to worry about this. Before mil passed though, we were concerned about her needing a nursing home at some point cause she‘s a big spender and was almost out of retirement funds.

 

[Pea-n-Me]

His point was that it’s expensive, the premium increase with age and it oniy pays out for a few years and will not cover every expense anyway. Plus if you never use the benefit, all that money is wasted.

The LTC plan I have reimburses some of the funds if not used. John Hancock Insurance Co.

On the flip side, I have a friend who now has to impoverish herself to be eligible for Medicare.

Do you mean Medicaid?

 

[robinb]

Do you mean Medicaid?

Yes, I changed it. Thanks!

 

[tvguy]

The LTC plan I have reimburses some of the funds if not used. John Hancock Insurance Co.

Do you mean Medicaid?

My mom's plan reimbursed all the unused funds. Sold by Lincoln Financial.