We have been looking at Longterm Care Insurance, sort of like nursing home insurance and we are really torn. Do you have advice for us? We would love to hear what you have to say.

I was just wondering what other people think about this.

We have it. My DH thinks it's one of the most stupid ways I've ever spent money.

I'm thinking it's better to have it and not need it, than to need it and not have it.

My mom has had it for awhile and wishes she never got it. It is very expensive but she has so many years invested in it now (maybe about 6-7), that she doesn't want to drop it either. Her biggest fear is becoming a burden to her children and that's why she got it. Think long and hard about this decision!

i would get it if i could! i'm disabled and i thought i could sneak in under dh's retirement plan-no dice. they did however, write it for him and i am thrilled. nursing home costs are upwards of $60,000 a year and if you can afford it out of pocket you don't need the insurance. Or if you are so poor that Medicaid will pay from day 1 you don't need it. Medicare only pays for nursing home care in a very few and short term time frames.

My brother died of a brain tumor and was in a nursing home for over 2 years. Even tho now days they are not supposed to pauperize the wife, in this case, the person in charge made my SIL pull money out of her IRA for his expenses, plus they took his entire social security check. Now she is paying off a huge bill to the IRS because she took out too much money at the state (or local, I'm not sure) governments insistance, at 65 she still has to work to eat and pay her mortgage and she is not a happy camper at all.

It is very expensive and it is not clear to me how many actually use it. It definitely is a personal decision. I opted no.

We have policies that originated with my husbands employment some 20 + years ago and until just recently the premiums have been the same for years and quite reasonable. We were able to maintain them although he left that company about 12 years ago. I have often wondered myself if it has been the right thing to do..however, now the premiums are up a bit more but as the questions about medicare and social security come up I think it is an extra security given the times...who really knows.

Thank you so much for the input. Please keep your thoughts coming.

I would have to look into it, but as a wife whose husband has alzheimers, it is something I wish we would have taken out. Trying to get help is darn near impossible because they say I make too much money. Really, I live paycheck to paycheck like most people. I applied for Medi Cal for him and my share of cost per month is $2300.00 before they will start paying. I don't have $2300.00 extra every month. It is looking like I may have to divorce my husband so that he will get the help he has earned. I would seriously look into it. Since he has alzheimers, he has no idea the financial strain I am under. Sorry, didn't mean to vent.

tolepainter54: Oh, my dear, my prayers go out to you. You are in a terrible position. I have fears that someday I may be in the same position. My hubby's health is terrible and is slowly deteriorating. Vent all you want ... goodness knows you need to do it somewhere! And you can't tell all of your frustrations to just anyone because they may misunderstand. Good luck as you struggle in these so-called golden years.
novie
novice.for.now

Oh, and Mary, who is contrary, if you can afford it all I would give you a resounding YES, get the insurance. My father got it for my mother although she hated it! But after many TIAs, she had to go into a nursing home and the payments were a huge help.