My most recent experience is with my Mom & Dad who both
self-funded. Len and I have decided that it's too expensive and,
as Liz said, read the fine print.? I'd also ask what's in it for
your financial advisor - do they make a commission?
On 3/3/2025 9:01 AM, Liz Wainger wrote:
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I tried to
get LT insurance and it is expensive.? My advice is read the
fine print.? We ultimately didn't go for it because of the
cost.?
Hi there!
???? I hope you're all
doing well and looking forward to some warmer spring
weather!
?
???? I wonder if you
all have any thoughts/experience with long-term care
insurance or life insurance with a long-term care
option. My financial advisor is strongly suggesting it
as a way to protect my retirement assets. The policy
is a life insurance policy with a LT care option. It
is one where, if I need LT care (after a 90-day
elimination period), I could get up to $12k/mo or
anything less than that for up to 3 years. After that,
I'd have to cover all expenses out of my own personal
funds.
?
???? The policy allows
homecare or facility if I cannot perform two of the
activities for daily living. If I never end up needing
it, then the life insurnce goes back into my estate,
so in essence I don't lose it. If I need access to the
funds before I die, I have access to them as well. It
would cost me $7200/yr ($600/mo) and would be in
effect until I'm at least 95.
?
???? Anyway, right now,
I have a healthy and diversified retirement fund and
they say this kind of insurance is intended to protect
my personal retirement funds in the event of a
situation where I need long-term care.
?
???? Have any of you
dealt with this for yourselves or a family
member/friend? My parents are both in good health at
85 and 91, and neither have had to take advantage of
this kind of service. Of course, none of us know what
could happen tomorrow. Putting out this kind of money
at the moment is just giving me pause, especially
given what's going on in our government right now.
?
?So I decided to check
in with my tribe to see what kind of info or knowledge
you might have to share on this topic.
?
?Any thoughts?
?Any questions I should
ask my advisor?
?
?Thanks!
?Linda
?
?
-----
?Linda Howard, CVF, PMP,
CMC?
Howard
Consulting, LLC
Transforming how
teams collaborate to achieve
purpose-driven results
Certifications: CVF
(Certified Virtual Facilitator),
CMC? (Certified Management
Consultant), PMP (Project Management
Professional)
?-- I check email twice
daily - around noon and end of my
day. If this is urgent, please
resend with URGENT in the subject
line and I'll respond sooner.
--
~~~~~~~~~
Linda Howard
lhoward@...
office: 703-307-6048
mobile: 703-307-4497
--
Liz
Wainger
President,
Wainger Group
liz@...
O:
301-340-6831 C: 301-461-3780
