Long Term Care Insurance
Author Jacqueline Marcell tells the story of caring for her parents without the benefit of long term care insurance, then gives questions to ask when considering insurance.I insisted that my parents buy LTC insurance several years ago. It was ghastly expensive and we could only find one company to write my then 84-year-old step dad. They could only get two year coverage and then only limited coverage. Every year my mom threatened to not pay the premium and let it lapse. They would never need it and it was costing almost $8000 per year. I really didn’t know the right answer. It was expensive, but I also knew that they didn’t have the resources for long-term care.
I’m so glad they had it. Dad was in a nursing home for a year at over $6000 per month. Now he’s in a board and care home for half that. So in one year, we gained back more than we paid for the coverage. Even so, Mom has spent a lot of money over and above what the insurance covered. And that doesn’t count the prescription drug donut hole that I’ve previously written about. Getting old is expensive!
So my husband and I are still debating. Coverage would be less per year for us, but if we live as long as my parents, we’d pay a fortune before we ever use the coverage. Decisions, decisions…
Labels: aging parents, long term care insurance, nursing home costs
1 comment(s):
Often you pay less for LTC coverage by taking it out younger than by waiting. You also can never predict how your health will be as you wait. Don't sell your daily benefit short and consider the inflation rider as LTC costs continue to increase.
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Anonymous, at
6:19 PM
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