Note: Will copy and post question to Insurance and Early Retirement boards.Situation: Age 51, married, one teen at home.Expected retirement annual cash flow (5%) of portfolioto exceed $80,000 (today $).I have read that the cost of LTC could run from $30,000 to $50,000 per year and that why LTC insurance is recommended. The rates are lower if purchased at a young age (less than 55). (I saw the article on LTC rates that increased and so know to be wary of sales pitchs).Some of the policies I have seen have a cap as to the time in LTC - like 2 to 5 years. The assumption is that entry into LTC is shortly terminal.My question is that for someone like us with a high networth, we could fund LTC for both of us for close to 20 years, does LTC insurnace make much sense (other than to an insurance agent.) Of our 8 grandparents, only one entered LTC and that was for less than a year. 6 of the 8 grandparents lived into their 80's.I am curious as to those in retirment with large annual income, do they have LTC insurance? What are the payouts and why did you decide to purchase LTC?Thanks,BGP
See my insurance post. I wander thru both boards.
BGP writes:<<My question is that for someone like us with a high networth, we could fund LTC for both of us for close to 20 years, does LTC insurnace make much sense (other than to an insurance agent.) >>If you haven't already, you may want to go to the archives and read the six weekly columns I did on this issue starting with the one dated 1/30/00 and ending with the one on 3/6/00. You will find the articles at http://www.fool.com/retirement/retireeport/2000/retireeport2000.htm .Regards..Pixy
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