LTC Options for 83 Year Old in PA

[billkard]

Hi all,
Looking for the group expertise here. I have an 83 year old male in amazing health. Only taking cholesterol medication. He has the financial means to afford a long term care policy and the mood has struck him to purchase one now instead of when I could write him when he was in his 70's and my carrier offered coverage.

I know John Hancock used to offer coverage past age 80 but that doesn't appear to be an option any longer. Anyone aware of a carrier offering policies this client could get at age 83?

 

[Mr_Ed]

Hi all,
Looking for the group expertise here. I have an 83 year old male in amazing health. Only taking cholesterol medication. He has the financial means to afford a long term care policy and the mood has struck him to purchase one now instead of when I could write him when he was in his 70's and my carrier offered coverage.

I know John Hancock used to offer coverage past age 80 but that doesn't appear to be an option any longer. Anyone aware of a carrier offering policies this client could get at age 83?

bankers life
lifesecure
medamerica
united security assurance

 

[David Block]

MedAmerica, in my opinion, is the best of the best. It is a cash contractthough very expensive. Perhaps you should consider, and this is just arecommendation, a life policy with a LTCi rider. You may accomplish morethan with LTCi alone. This is just a suggestion as something more toconsider. Long-term care for this individual will be expensive.

 

[Arthur Rudnick]

originally posted by David Block

MedAmerica, in my opinion, is the best of the best. It is a cash contract though very expensive. Perhaps you should consider, and this is just a recommendation, a life policy with a LTCi rider. You may accomplish more than with LTCi alone. This is just a suggestion as something more to consider. Long-term care for this individual will be
expensive.

While I agree with you about MedAmerica, keep in mind that those at 83, are rarely insurable these days even if he appears to be in "amazing health". And, MedAmerica is tough for 63 year olds.

If premiums are a concern (and at 83 they will be) why would you recommend a hybrid policy, when that will cost substantially more than a stand-alone LTC policy?

And, what companies will offer a life insurance policy for someone who is 83/84?

If underwriting is tough for LTC, combine that with Life underwriting and it's even more of a problem.

 

[yankee466]

MedAmerica, in my opinion, is the best of the best. It is a cash contractthough very expensive. Perhaps you should consider, and this is just arecommendation, a life policy with a LTCi rider. You may accomplish morethan with LTCi alone. This is just a suggestion as something more toconsider. Long-term care for this individual will be expensive.

Really? How cost effective is life insurance for a male already past his normal life expectancy?

 

[David Block]

And what would you suggest? I looked at the cost with MedAmerica and for a viable policy, you are dealing with costs anywhere from $6,000 annually and up. And the lower cost is for a minimal policy.

Really? How cost effective is life insurance for a male already past his normal life expectancy?

 

[Arthur Rudnick]

previously posted by David Block

And what would you suggest? I looked at the cost with MedAmerica and for a viable policy, you are dealing with costs anywhere from $6,000 annually and up. And the lower cost is for a minimal policy.

What I would suggest is, if he can afford a DECENT LTC policy, that's the way to go.

If he can't........
then game over!

billkard posted:
"At 83, the mood has struck him to purchase one now"

That's the biggest red flag I've ever seen.

 

[supersupps]

Maybe we should all insure him..

 

[FBN]

Why not use an an indexed annuity that has a long term benefit rider? He doesn't need to be insurable to buy the annuity and the benefit for the LTC will be 2X the normal payout from the annuity.

 

[yankee466]

Not saying they don't exist, but I have not seen one of these LTC income doubler annuities offered past age 80. Statistically, the person will be dead before he ever even gets his original premium returned, even at 2X......and the annuities have lots of fine print in them that limit their ability to act as a true LTC plan. Some only work in nursing homes.....no in home care......etc