Would You Get Long Term Care Insurance?

Discussion in 'Homesteading Questions' started by Nette, Aug 12, 2005.

  1. Nette

    Nette Well-Known Member Supporter

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    I've applied for long term care insurance for DH and me through a program for federal employees. I'd been thinking about it for a long time, and decided the premiums would be worth it if they would make me stop worrying about it. We're healthy, ages 40 and 43, no kids, and we own farm land that we wouldn't want to give to a nursing home. Do any of you guys have long term care insurance, and do you think it's worth it?
     
  2. Michael W. Smith

    Michael W. Smith Well-Known Member

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    Who do you plan on the farm going to if you don't have any kids? Most people get long term care insurance to make sure that if they end up in the nursing home, their kids will still inherit something.

    Yes, it would protect your spouse if something happened to you, but other than that, who else are your trying to protect?

    How much is this costing? Does the price go up each year as you get older? How long do you have to be in a nursing home, before it starts paying?
     

  3. Alice In TX/MO

    Alice In TX/MO More dharma, less drama. Supporter

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    YES!!! You do need this. We are looking into it now for my husband and myself. My mom had it, and it was a stress relieving thing, I can tell you.

    I heard on one of the money radio shows that the best time to buy is in your 50's. Also, there are 'paid in ten years' policies.

    MAKE SURE that your policy covers both nursing home and assisted living placements.
     
  4. Nette

    Nette Well-Known Member Supporter

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    Who am I trying to protect? Excellent question. I can't even answer that myself, but I think it's a matter of *what* I'm trying to protect--that being family farms. I want to be able to choose who ends up with this land, and not have it sold to the highest bidder so that a nursing home can collect. We're working with a local conservancy to ensure that it never gets developed, and that should afford me some peace of mind. The plan I want will cost me a fixed premium of $91/month for both of us, with adjustments for inflation built in. There's a 90 day waiting period before they start paying. Also, it does cover all sorts of facilities, all sorts of home care, and adult daycare.
     
  5. heather

    heather Well-Known Member

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    We are still "young" so we don't have it & never have thought too much about it until I found out my mother-in-law (82 yrs old) DOES have it -

    I must say, it's a bit of a relief - I would prefer that we do all that we can for her ourselves, but it's nice to know that if we HAD to use it, we could.

    I think it's a good idea -
     
  6. Meg Z

    Meg Z winding down

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    My parents drained their savings paying for my grandmothers nursing home care. My MIL had her father in a nursing home due to a stroke and broken hip, and then her husband with Parkinsons. Both of the men had VA, so that helped, but it was still a financial strain. She went and got long-term care insurance, not to protect a farm, but to protect herself...so that she had some choice in her care, and it wasn't dictated by someone else's finances.

    I thought it was a pretty good idea!

    Meg
     
  7. coalroadcabin

    coalroadcabin Well-Known Member

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    I work for a financial advisor who recommends LTC insurance to some of his clients. Depending on if you have assets that you want to protect (sounds like you do) and if you can afford the premiums (sounds like you can) it can be a wonderful thing. But you really need someone who is qualified to answer based on your particular situation.
     
  8. amelia

    amelia Well-Known Member

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    I don't ever plan on going to a nursing home, and it's for that reason that I AM interested in LTC insurance. As a single person planning on living in a more remote area, I'd be in a jam if I got hurt or sick, so I'm counting on the ability to buy in-home assistance in the event that I need it. If things get so bad that staying at home isn't possible, well, then that's when I walk off into a snow bank.
     
  9. Ann-NWIowa

    Ann-NWIowa Well-Known Member Supporter

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    Assuming you're able to walk...into a snow bank or elsewhere. My late unlamented ex-b-i-l had a massive stroke that put him into a nursing home while in his 50's. He was totally paralyzed. His son had major problems in dealing with expenses. I think the insurance is a good idea if you can afford it. Unfortunately, we can't.