My Advice To Forum Members Under Age 70

Discussion in 'Not Sure Where it Goes' started by Lon Tanner, Jun 14, 2019 at 12:27 PM.

  1. Lon Tanner

    Lon Tanner Veteran Member
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    Consider A LTC POLICY (Long Term Care).Yes they are fairly expensive, but so is the cost of long term care.
    As a 84 year old that bought his LTC policy at retirement age 58 I know what I am talking about.My monthly living cost is in excess of $6,000 with 90% of that covered by insurance. I am happy that I am not living in some warehouse facility paid by some social program. I want my aging lifestyle at least on a par with what I enjoyed in my working life and active retirement.I was motivated to write and post this piece after doing some research on senior living. The senior market is huge and getting bigger and government will cram social programs down our throats to take care of we oldies
     
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  2. Holly Saunders

    Holly Saunders Veteran Member
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    What sort of money were you paying in monthly Premiums. Lon?
     
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  3. Lon Tanner

    Lon Tanner Veteran Member
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    I have been paying $96.00 monthly since age 58 .
     
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  4. Holly Saunders

    Holly Saunders Veteran Member
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    so you paid approximately $30,000 dollars over that period of time (25 years?) ...and you now pay approx $,5000 pm... for your accommodation in your 80's ...that's a great deal!!!


    It would be NIGH on impossible to get a decent Long term care Insurance in the Uk for such a small premium!!
     
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  5. Beth Gallagher

    Beth Gallagher Very Well-Known Member
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    My 84 year old MIL has LTC insurance that she bought in her late 50's, but those premiums have gone up several times. She does benefit from it since it pays a major portion of her in-home "visiting angels." She wants to remain in her home and this allows her to do so.
     
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  6. Lon Tanner

    Lon Tanner Veteran Member
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    That is a good deal but the premiums are much higher year by year and unaffordable most people in their 70's and 80's
     
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  7. Don Alaska

    Don Alaska Very Well-Known Member
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    My MIL paid for an LTC insurance policy for years, then was unable to use it at the end, so she wasted all that money for all those years when she was scrimping along on survivor's benefits Social Security. I have heard of many more people who got ripped off by them than who actually benefited from them.
     
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  8. Lon Tanner

    Lon Tanner Veteran Member
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    Not all LTC companies and plans are the same. Your MIL should have had someone review the company and plan for her before buying.
     
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