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The BladeForums.com 2024 Traditional Knife is ready to order! See this thread for details: https://www.bladeforums.com/threads/bladeforums-2024-traditional-knife.2003187/
Price is$300$250 ea (shipped within CONUS). If you live outside the US, I will contact you after your order for extra shipping charges.
Order here: https://www.bladeforums.com/help/2024-traditional/ - Order as many as you like, we have plenty.
Long Term Care Insurance
- Thread starter Thomason
- Start date
- Joined
- May 19, 2001
- Messages
- 5,255
Make sure the company is AA or AAA rated by AM Best. Long term care is worthless if the company is not financially sound enough to be around when you need them. Everyone should have a policy. The cost of health care will increase exponentially in the next twenty to thirty years as we geezerly knuts retire.
- Joined
- Jul 14, 2000
- Messages
- 1,537
You really need to consult a neutral adviser on Long-term care insurance. You'll need to weigh a number of factors regarding your own goals and what risk you are willing to take. Being in the "retirement" industry myself, I can tell you that statistically, your chances of requiring long-term care are small...which is one reason insurance companies sell the insurance 
- Joined
- Oct 22, 2004
- Messages
- 2,746
If you have an open season with a company you have for other insurance you will probably get a fair deal. A lot of companies don't underwrite the policy directly but broker it through a major outfit. MetLife is associated with a lot of groups, eg. AARP. If you have had a company for other insurance for a while check with that agent for a start. Inflation protection is a good thing to consider. I ended up going with the company I have had for the past 40 years for home and auto because they provided discounts for me.
- Joined
- Sep 14, 2002
- Messages
- 4,135
get it. waiting until you need it doesn't work.
- Joined
- Sep 13, 2002
- Messages
- 1,570
Get it while you can. I had the opportunity when I was younger, thru my employer and did not take it. In Feb 2000 I was diagnosed with Myasthenia Gravis and now I can't get it at any price. I spent 11 months in 2 nursing homes from 1/03 to 4/04 (the rest of the time I was in the hospital). When my regular insurance ran out for the nursing home (1month) I had to go on Medicaid. Even with them paying, my share was $2000 per month for 10 months! Wiped me out. I was just lucky I had the money. Think about it.
By coincidence, I had an interview with a long-term care insurance salesperson yesterday. We are definitely going to take the insurance if we are accepted. Acceptance is no sure thing, because I had bypass surgery 11 years ago. Dealing with my daughter's hit and run and her subsequent year in a nursing home opened my eyes to the need. She was 21 and had basically no assets after we used up her educational savings on nursing home expenses. My wife and I ran up $21,000 of her nursing home costs ourselves before she was approved for Medicaid. She is now living with us at home.
My wife and I have assets which we wish to protect in order to provide for her after we are gone. Thus the long term care insurance for us. My advice is, if you think you will have a need for it, get it while you are in good enough health to be accepted.
Permit me to tell a true insurance story. When my daughter turned ninteen, she had to come off my health insurance because she was not a full-time student. She also did not have any employer-provided health insurance. I had the option to purchase extended coverage for up to three years through the COBRA law. My wife was against it, saying that it was time for her to have to take responsibility for herself and stand on her own two feet. I told her, "If she contacts some life-threatening illness, you know that we would go broke to keep her alive. This insurance is to protect us as well as her." I began the COBRA coverage, at around $200/mo.
At age 21 she was struck by a car in a hit and run. She suffered closed head injuries, brain stem damage, and like-threatening bodily injuries. In the remaining year and a half before her three-year COBRA period had expired, the insurance company had paid out over $835,000 in medical and rehab expenses. But for the insurance, our life savings, retirement, everything would now be gone.
Insurance may be costly, but when you need it it is priceless.
My wife and I have assets which we wish to protect in order to provide for her after we are gone. Thus the long term care insurance for us. My advice is, if you think you will have a need for it, get it while you are in good enough health to be accepted.
Permit me to tell a true insurance story. When my daughter turned ninteen, she had to come off my health insurance because she was not a full-time student. She also did not have any employer-provided health insurance. I had the option to purchase extended coverage for up to three years through the COBRA law. My wife was against it, saying that it was time for her to have to take responsibility for herself and stand on her own two feet. I told her, "If she contacts some life-threatening illness, you know that we would go broke to keep her alive. This insurance is to protect us as well as her." I began the COBRA coverage, at around $200/mo.
At age 21 she was struck by a car in a hit and run. She suffered closed head injuries, brain stem damage, and like-threatening bodily injuries. In the remaining year and a half before her three-year COBRA period had expired, the insurance company had paid out over $835,000 in medical and rehab expenses. But for the insurance, our life savings, retirement, everything would now be gone.
Insurance may be costly, but when you need it it is priceless.
- Joined
- Feb 2, 2002
- Messages
- 2,286
My wife and I got it from GE the month before they instituted a 35% increase and reduction in benefit. From what I understand, ours was the last of the truly creme de la creme policies at a fair premium. Definitely get it while you can; several top consumer advisors recommend it for people in a specific set of circumstances. GE (they have since spun it off), and John Hancock are the two 'AAA' carriers out there. With my back and high blood pressure, and being 41 when I applied, our agent was surprised I was accepted.
MikeH is correct...it's the way to go for asset protection.
MikeH is correct...it's the way to go for asset protection.
