The Motley Fool Discussion Boards

Previous Page

Investing/Strategies / Retirement Investing

URL:  http://boards.fool.com/determinedmom-writes-what-i-really-want-is-a-30771973.aspx

Subject:  Re: Big Problems wth LongTermCare Insurance Date:  7/12/2013  12:55 AM
Author:  intercst Number:  72574 of 75402

determinedmom writes,

What I really want is a policy that is cheaper in premiums but provides catastrophic care. That is - I'll pay the cost of LTC for 3 years - I want insurance to cover the cost beyond that.

Actually a product like that would be more like real insurance rather than a "pre-pay plan".

According to the CDC, there are 1.5 million people in nursing homes and only 25% (about 400,000 people) spend more than 3 years there, and 12% (less than 200,000 people) spend more than 5 years. See Table 12 in the report below.

http://www.cdc.gov/nchs/data/nnhsd/Estimates/nnhs/Estimates_...

There are about 50 million people on Medicare, so less than 1% (i.e., 0.80%) spend more than 3 years in a nursing home and only 0.40% spend more than 5 years.

intercst
Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us