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Author: crrroger One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 19380  
Subject: Long Term Care Insurance???? Date: 2/3/1999 8:10 AM
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Fellow Retired Fools,
I am retired from self employment, have a "millionaire next door" type of net worth, pay all of my health insurance costs myself, and turned 60 this week. I am also a confirmed "Die Broker" and intend to use my assets to provide for myself and wifey for our lifetimes. If there is anything left.....the kids can fight over it.

I have been giving some preliminary thought to Long Term Care Insurance. Are any of you further along in this discovery process than I am? Would sure appreciate any thoughts or ideas. Also any insurer recommendations.

Thanks,
Roger



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Author: peppermintpatty Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 423 of 19380
Subject: Re: Long Term Care Insurance???? Date: 2/3/1999 11:23 PM
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Well Roger, start gathering info. I'm an insurance agent & do provide LTC coverage throught 3 companies - CNA, GE Capital {formerly AmEx}, and John Alden {now Fortis}. There's a lot that goes into putting together a proposal, so why not call an agent who works this market to start providing you basics! Good luck. PP

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Author: Linne Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 429 of 19380
Subject: Re: Long Term Care Insurance???? Date: 2/4/1999 10:24 PM
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I am retired from self employment, have a "millionaire next door" type of net worth, pay all of my health insurance costs myself, and turned 60 this week. I am also a confirmed "Die Broker" and intend to use my assets to provide for myself and wifey for our lifetimes. If there is anything left.....the kids can fight over it.

I have been giving some preliminary thought to Long Term Care Insurance. Are any of you further along in this discovery process than I am? Would sure appreciate any thoughts or ideas.


My first reaction is, do you really need long term care insurance? I don't really know how much long term care costs (maybe somebody will chime in), but I heard recently that it "can" cost "up to" $50,000/year. I looked at a few web sites and saw numbers ranging from $30,000 to $60,000, although I didn't see anything that looked authoritative enough to post a link. Let's say you have a $2,000,000 nest egg. You should be able to withdraw $100,000/year indefinitely, leaving plenty for the kids to fight over. That's enough for you and your wife to both have long term care as long as you need it, if those cost numbers are right. And if your nest egg is smaller, you may still be OK by using up the principal, depending on how long you need care. Just my 2c.

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Author: peppermintpatty Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 432 of 19380
Subject: Re: Long Term Care Insurance???? Date: 2/4/1999 10:46 PM
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Linne - whoa! I think you found that the cost of long term care is "up to $50,000/year". Depending on where in the USA you want to live, nursing home costs range upwards from $120/day... You may pay for this cost out-of-pocket, spend all your money & let MediCaid cover the cost, of buy LTC insurance to help.

Like Disability Income Insurance, LTC costs are influenced by (1) Daily Rate, (2) Waiting/Elimination Period, (3) Length of Coverage, (4) Inflation Factors, and (5) At-Home Care Options, as well as the proposed insured's general health & age at issue. At age 60, the annual cost for a decent policy may not exceed $2,000/year. This may be a small price to pay to preserve & pass on a meaningful estate. Just depends upon your goals... PP

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Author: JeanDavid Big gold star, 5000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 433 of 19380
Subject: Re: Long Term Care Insurance???? Date: 2/4/1999 10:54 PM
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I have been giving some preliminary thought to Long Term Care Insurance. Are any of you further along in this discovery process than I am?

I looked into it 5 or 10 years ago. The premiums were so high that I tossed all the paperwork into the recycling bin.

One thing to keep in mind is that it seems if you are unfortunate enough to be in a nursing home, you will probably die with a couple of years, so you will not need enough insurance to last for decades, for example. Assuming the statistics I have seen apply to you (and to me).

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