rocknrobn26 Posted October 22, 2009 Share Posted October 22, 2009 Is it worth it? Is it a rip? How much coverage for how long? Any one have personal experience w/ it? Any and all info appreciated. Quote Link to comment Share on other sites More sharing options...
Chargerz Posted October 23, 2009 Share Posted October 23, 2009 I was offered this insurance through my work back when it was alot cheaper. I decided not to do it. At our age now the cost of the insurance is pretty steep. Like all insurance you're hoping you never have to use it. Quote Link to comment Share on other sites More sharing options...
Czarina Posted October 23, 2009 Share Posted October 23, 2009 (edited) Like with anything else, the coverage varies wildly depending on who you get it from. It's super expensive. Long term care is very expensive though (I believe the average right now is about $7k per month), so I guess it's understandable. I haven't run across a ton of people who have it. The one time I did during my home care/hospice stint, there was a waiting period of maybe 30-60 days before the benefit kicked in, but once it did, the cost was 100% paid. Edited October 23, 2009 by Czarina Quote Link to comment Share on other sites More sharing options...
Square Posted October 23, 2009 Share Posted October 23, 2009 The money people I listen to suggest it at age 60. Long Term care is extremely expensive so I would shop around for a good policy at a competitive rate. I don't know how old some of you fogeys are but it might be worth looking into it Quote Link to comment Share on other sites More sharing options...
Chargerz Posted October 23, 2009 Share Posted October 23, 2009 I don't know how old some of you fogeys are but it might be worth looking into it Careful there, whippersnapper. Quote Link to comment Share on other sites More sharing options...
rocknrobn26 Posted October 24, 2009 Author Share Posted October 24, 2009 Careful there, whippersnapper. Sic 'em Doc....Sic 'EM! I looked into this before. Frankly, I remember reading that there is a 1 in 3 chance of having an extended stay in a nursing home, and if that is true then this thing makes a roulette bet look great! . Mrs. RR thinks we need it and I think it's bullchit. The terms we were offered yesterday are better than the other ones we have gotten. Here are the terms we got subject of course to a physical: Prudential: Cost per Day=$150 Inflation=5%/year Years=4 for each of us. And If one doesn't use their years it transfers to the spouse. Cost=$386/ month for the both of us. What scares me is what they DON'T SAY...if you get my drift. Not to mention the premium can go up for many reasons. Again, any and all comments are appreciated. 'Cept for Square of course! Quote Link to comment Share on other sites More sharing options...
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