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Sort of like the question of whether to collect social security at 62 or 66 or 67. It depends. I will admit the LTC question is more complex and I doubt if anyone has the answer without the caveat being added that it is a gamble. So the question might be "Are you felling lucky" I didn't buy it. Will I regret it. "It depends".
Just a thought.
If you have an LTC policy, it is most likely that at the time you need it, YOU WILL NOT BE ABLE TO HANDLE THE PAPERWORK AND LEGWORK TO FILE THE CLAIM. Therefore, you must have someone that will be there fore you TO FILE THE CLAIM for you. Otherwise I would say the policy is worthless.
There is extensive initial paperwork, including visiting doctor(s) to sign-off on things, there is monthly paperwork, and there is annual paperwork to continue the claim. I am lucky that my dad purchased a policy when they were spectacular and the policy has paid out as promised. It's my understanding you cannot buy a policy like this one anymore.
In fact, to "set aside" money would seem to imply not spending it on insurance.
The best LTC policy that we looked at a year or two ago included a partial return of premium if it went unused or kinda like life insurance. Even so, we decided against it.
The only direct experience I've had with LTC insurance was a family member who became a quadriplegic. He collected an amount about equal to what they had paid in over the years. Now, it's a lot more expensive than what they paid in premiums.
I do think insurance is important for many people--young families, especially, for example. But it needs to be based on your individual means and needs.
So, what made you decide to do it, specifically?
Many struggle to pay the increase because of a sunk cost. I already have this much invested. There are many who will disagree. But when you 30 tax and insurance attorneys say nah, I think one is wise to heed that.
If you are determined do,look into when they start paying. Under what criteria? How many facilities accept LTC pay, because many no,longer do so.
Read the fine print. Ask around who takes payment. From which companies. Why not yours.
Guess what?
Its wasn't and it isn't. If mother were to use hers now, she would get about $75 a day added to her SS, That won't make a hill of beans difference. As they had added a codicil to include in home CG's, it could have been used all these years we kids (well, 2 of the 5) could have been helped along. As it is, I don't think she'll ever recoup a cent. Dad thought he was saving us kids the trial of having a difficult patient in mother, and he was right.
YB who is her self appointed primary CH will NOT ALLOW outside help of any kind.
DH and I have just been saving like crazy so we will not be burdens to our kids. That;s probably the best LTC insurance.