Baby Boomers

PoindexterOglethorpe

(26,802 posts)

12. In 2022, when I was 64,

Reply to wryter2000 (Original post)

Wed Sep 27, 2023, 10:29 AM

Sep 2023

my financial advisor got me a long term care policy. I paid a lump sum, no recurring premiums. It has a life insurance value, somewhat more than that lump sum. If I need long term care, it could eventually pay out more than three times that lump sum, and there would still be a residual death benefit. I could even cash it in for what that lump sum was.

Buying a regular long term policy, where you are making payments, can be a huge problem as you age. I have the good fortune to have a financial guy who has done very well for me.

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Does anyone know about long term care insurance? [View all] wryter2000 Sep 2023 OP

Depends on your age... LakeVermilion Sep 2023 #1

I thought that might be the answer wryter2000 Sep 2023 #2

Do a Google search for it and add 'pitfalls/problems' or some such word. keithbvadu2 Sep 2023 #3

I would not have expected severe changes over time wryter2000 Sep 2023 #5

It was available to me 20+ years ago CountAllVotes Sep 2023 #4

Wow wryter2000 Sep 2023 #6

It was well known CountAllVotes Sep 2023 #7

Exactly why I haven't bought it ... Auggie Sep 2023 #10

The big long term care insurance premium increases are mostly due... El Supremo Sep 2023 #8

Thanks wryter2000 Sep 2023 #9

My husband says mine is about $3k per year and his is a bit less. He says it's going up! Karadeniz Sep 2023 #11

In 2022, when I was 64, PoindexterOglethorpe Sep 2023 #12

Wow wryter2000 Sep 2023 #13

The policies on offer change over time. PoindexterOglethorpe Sep 2023 #14