My wife and I keep going back and forth on getting a long term healthcare plan. What’s holding us back? The high premiums and stories of policies that have gotten so prohibitively expensive that seniors struggle to make what amounts to a monthly mortgage payment. Then there’s the potential for insurer default. Apparently insurers grossly underestimated their payouts and keep going to state insurance boards for large increases. Unless, of course, they outright defaulted or simply stopped selling LTHC policies.
My thought has been if you have from half a million to a million in savings you would have the funds to cover five years or more in nursing home care so why pay such exorbitant premiums for a policy that may not be there when you need it. My wife counters by saying rising costs could wipe those funds out. She may be right but personally, it’s likely by that point I wouldn’t be in a mental state to know or care.
Since my wife is a retired federal employee we are eligible for a federal government plan from John Hancock. We may go that route for stability. We’re both in our early sixties so we need to make a decision soon as each year we wait it just gets that much more expensive.
I’d like to hear your experiences and views on owning LTHC policy.
submitted by /u/PeachFuzzCat
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My wife and I keep going back and forth on getting a long term healthcare plan. What’s holding us back? The high premiums and stories of policies that have gotten so prohibitively expensive that seniors struggle to make what amounts to a monthly mortgage payment. Then there’s the potential for insurer default. Apparently insurers grossly underestimated their payouts and keep going to state insurance boards for large increases. Unless, of course, they outright defaulted or simply stopped selling LTHC policies. My thought has been if you have from half a million to a million in savings you would have the funds to cover five years or more in nursing home care so why pay such exorbitant premiums for a policy that may not be there when you need it. My wife counters by saying rising costs could wipe those funds out. She may be right but personally, it’s likely by that point I wouldn’t be in a mental state to know or care. Since my wife is a retired federal employee we are eligible for a federal government plan from John Hancock. We may go that route for stability. We’re both in our early sixties so we need to make a decision soon as each year we wait it just gets that much more expensive. I’d like to hear your experiences and views on owning LTHC policy.
submitted by /u/PeachFuzzCat [link] [comments]Read Morer/HealthInsurance