Hello,
I am new to this forum. I have been reading a lot about long term care. I have come to the conciulusion from reading this forum and after talking with a host of agents, that there does not seem to be a perfect answer as it pertains to which company to go use. It is hard to get quotes unless you have someone come to your house and then sit with you and try to sell you a policy. I believe I know what I want but only have a minor question or two. Perhaps those of you on this forum can help.
I am 52 and my wife is 38. (Yes, she is a young one. That creates all other kinds of issues, believe me.)
I am looking at a comprehensive policy that gives me 4 years, at $200/day, with a 5% inflation rate, with a 90 elimination period. Genworth has a quote of $1866 for me and $1501 for my wife. I live in California and this is a partnership policy. This policy has a high limit residential care rider and it has a survivorship benefit. This is at the preferred rating from Genworth.
I have a few questions:
1. Is this a reasonable amount of money for this policy or can I do much better. They are two separate policies for the same thing.
2. Is it worth my wife waiting to get hers until later instead of buying a policy now? It seems as if there is not as big as difference in price as I thought it would be considering her age. I do know that there is a discount because of the two of us buying it, but is it that much of a discout?
3. Am I making a mistake with a 90 elimination period instead of 30 day? I am not rich, but not poor so that puts me in middle America with our income over $200,000 a year. The agent felt that if we had to use it, Medicare would cover the first 90 days before we would have to pay.
4. Since California is so expensive with healthcare, do you think I should do less years with a higher daily benefit like $400 and reduce or eliminate the compounding? I read conflicting views on this on a thread in this forum.
5. Should I do 10 pay or pay to 65? Do you avoid increases if you do that? If I did which would it make sense to not have the survivorship option if it will be paid for anyway?
6. Should I consider other options that could save us more money, but still provide good value. Would a shared pool do that? Or what about a life insurance policy with a LTC rider? Is that wise?
I would be very grateful to hear your thoughts on this? I figure I could get a more objective view since none of you are actually selling a policy to me.
I am new to this forum. I have been reading a lot about long term care. I have come to the conciulusion from reading this forum and after talking with a host of agents, that there does not seem to be a perfect answer as it pertains to which company to go use. It is hard to get quotes unless you have someone come to your house and then sit with you and try to sell you a policy. I believe I know what I want but only have a minor question or two. Perhaps those of you on this forum can help.
I am 52 and my wife is 38. (Yes, she is a young one. That creates all other kinds of issues, believe me.)
I am looking at a comprehensive policy that gives me 4 years, at $200/day, with a 5% inflation rate, with a 90 elimination period. Genworth has a quote of $1866 for me and $1501 for my wife. I live in California and this is a partnership policy. This policy has a high limit residential care rider and it has a survivorship benefit. This is at the preferred rating from Genworth.
I have a few questions:
1. Is this a reasonable amount of money for this policy or can I do much better. They are two separate policies for the same thing.
2. Is it worth my wife waiting to get hers until later instead of buying a policy now? It seems as if there is not as big as difference in price as I thought it would be considering her age. I do know that there is a discount because of the two of us buying it, but is it that much of a discout?
3. Am I making a mistake with a 90 elimination period instead of 30 day? I am not rich, but not poor so that puts me in middle America with our income over $200,000 a year. The agent felt that if we had to use it, Medicare would cover the first 90 days before we would have to pay.
4. Since California is so expensive with healthcare, do you think I should do less years with a higher daily benefit like $400 and reduce or eliminate the compounding? I read conflicting views on this on a thread in this forum.
5. Should I do 10 pay or pay to 65? Do you avoid increases if you do that? If I did which would it make sense to not have the survivorship option if it will be paid for anyway?
6. Should I consider other options that could save us more money, but still provide good value. Would a shared pool do that? Or what about a life insurance policy with a LTC rider? Is that wise?
I would be very grateful to hear your thoughts on this? I figure I could get a more objective view since none of you are actually selling a policy to me.
