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Subject:  Re: Long term care ins. question Date:  12/16/2005  12:45 AM
Author:  GoldRushers Number:  14535 of 36390

My objections to long term care insurance are

1) most people who pay in never collect a dime. Only about one third of us ever spend a day in a nursing home.

Being holders of long-term insurance, we hope to never have to collect.

2) if you have insurance and decide you need nursing home care, the amount paid by insurance will almost always not be enough to cover the cost of your care.

If costs are not completely covered, the difference will be minimal compared to no coverage at all.

3) the insurance company can and will constantly raise prices in order to cover the rising costs of care. Can you keep up?

Read the small print. Many policies have set premiums if an insuree commits early enough.

4) you are paying the insurance company a fee to invest your funds for you so you can fight with them to give them back to you when or if you ever need them.

Well, sure . . . insurance companies cover their costs in order to provide their service and stay in business.

It is pretty negative on your part to view them as a future enemy.

I prefer the self insurance route.

Like investing in real estate or a savings account? Do you have any first-hand knowledge of how fast such equity can disappear when and if long-term care is needed?

To each his own, though. Guess we just prefer a peace of mind that some insurance buys.


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