We got it years ago thru DH's work, that is they checked it (company) out and it was very reasonable. You might check with your insurane agents, AARP, (for ideas, warnings,), Ours is thru Transamerica Occidental Life Insurance Co. Also if there are any assist care/nursing homes in your are, go in and talk to the Administrators as they might have a list what to look for and/who to be aware of.

It's a very hard decision to make, to purchase LTC insurance. I decided to get it, filled out all the paperwork and was denied because I have low bone density.

with the way companies are going under, I'd be a little apprehensive. no doubt I would be declined because of my cancer anyway

Check out the website called mrltc

stands for Mr. Long Term Care.
Also check with your state's insurance commissioner website. There you can get an idea of providers in your area. My state, FL, had a whole handbook they sent me which was very helpful.

I got my LTC at age 51 and spent hours (days) shopping and researching. U R smart to do the same!

Check out the household finances forum - I posted same question there a while back - which led to all kinds of good discussion. Here's a link.

Here is a link that might be useful: Long Term Care discussion

Given the current climate in D.C.--with a complete overhaul of the health care system in the works (and its expected destruction of the insurance industry)--I would not consider buying long-term care insurance at this time. I would recommend studying the legislation to determine what will be available in the future.

Some analysts predict that a byproduct of the legislation will be to make long-term care insurance an entitlement (like Social Security or Medicare). If that is the case (and I have no clue what the legislation includes in this arena), buying the insurance now would be a waste of money.

I am not an expert in this area, and am only offering my own personal opinions, for what they are worth.

The link that Gibby posted is interesting. Jkom51 knows a lot about the subject, and I know very little, but I'm curious about something. The OP said she was considering LTC insurance because she and her husband had no children. The reason I considered it for myself (and rejected it because of the expense) is because I have children and would like my assets to go to them, not a nursing home.

Without that motivation, though, I think I would be inclined to let the chips fall where they may. No doubt I'm missing something here; what is it?

Alisande, the concern I have about not having children is that there will be no kids around to help take care of us if and when we get old. DH and I both helped our parents a lot in their later years which helped 2 out of 3 of them live in their own home until they passed away in their mid-80s. Of course there's no guarantee even if you do have kids that they will be willing or able to help you out when you are older but if you have none you KNOW they won't. My father died in his early 60s of heart disease - that could happen to me too of course. My LTC plan returns all the $ paid if I kick the bucket before age 65 and a portion of if I die before 75.

Here are some other reasons I chose to go with the LTC insurance - along with the fact I'm pretty much of a planner by nature vs. someone who would just let the chips fall where they may as you say.

Philosophically, DH and I want to take responsibility for our own care if at all possible rather than planning for taxpayers to fund our long term care through Medicaid. If we ultimately cannot afford our own care we will at least know we did our best to try to provide for ourselves.

I know once I retire I'm going to be nervous about running out of money before I die. LTC insurance gives me some peace of mind about that, knowing that I would not be paying out of pocket to get help in my home if and when I need it.

And I do want help in my home if possible rather than having to go to a nursing home - which is currently the requirement if your care is paid for by Medicaid.

I have a lot of friends whose parents have been diagnosed with dementia/Alzheimers - some at a fairly young age. These folks are needing YEARS of LTC. The thought of this happening to one of us is very disconcerting - leaving the other person spending an exorbitant amount of money for care of the spouse - possibly not having enough left for their own needs.

So we shall see what happens. I know I would not be able to get coverage on the open market if I hadn't had the open enrollment through my employer. I can afford the coverage now and hopefully will be able to in the future as well. Whatever the case at least I have all my options open at this point. If I had not signed up I may never have had the chance to get coverage again in the future.

It is insurance though - and as such could be lots of money spent on something that's never used. If you live to a ripe old age and that's the case then that's a pretty good outcome in my opinion as long as the LTC coverage doesn't leave you "insurance poor".

"The reason I considered it for myself (and rejected it because of the expense) is because I have children and would like my assets to go to them, not a nursing home".

Alisande,

If you became severely debilitated from something such as a major stroke, paralysis, or late stage Alzheimer's (I'm not talking recovery from something like a minor stroke or broken hip, requiring rehab care such as physical therapy, swallowing therapy, or occupational therapy to return you to a functional status), and needed long term custodial care in a nursing home, (for what might be years!) the nursing home will require payment not only for your care, but also for room and board. That nursing home becomes your new home. And the rent is due. If you are somewhat wealthy, you will pay out of pocket, thus reducing the amount you can leave your kin upon your death. If you are not well-propertied, they will apply you for Medicaid, in which case, many of your assets are also kaput, depending on how far back the government looks (3-5 years). If you are somewhere in-between, you'll self-pay until you drain your finances, and then they will apply for Medicaid. Remember, every penny YOU earn in YOUR lifetime goes to support the health and well-being of YOU the earner, before it is left to others who are capable, much as you love them.

Now, I'm no expert either, but Medicare pays for rehab, if you can get better. If you truly need LONG TERM CARE....well, somebody's going to have to figure out a way for you to pay the rent at your new abode! And that always begins with YOUR assets!

LTC insurance protects YOUR assets. At a price, of course, and with the usual toss of a coin as to whether you will ever need it or not!

So for you to be sure your assets go to your children, and Not a nursing home, then don't ever have a life-altering illness. It is any of ours to bet on.

Good health to us all!!!!!

gibby3000, I could've written exactly what you wrote, every paragraph. The only difference is that I have no husband, either. You stated my reasons exactly.

Thank you all for your input and suggestions. I will continue to read and learn.

Suzieque