Be aware that long term care insurance will not work too well in an upscale continuing care arrangement. My wife and I contracted about 2 years ago with GE Capital Assurance, a well-recommended LTC insurer. The policy also cover in-home care.To get to the point, this policy pays nothing unless the facility issues billing for services. Continuing care facilities typically charge big money upfront for your bungalow, apt, condo, etc. About 30% of this upfront money is allotted for the end-of-the-line when one or both of the insured must be confined to the nursing home part of the facility. Because this part of the care is already paid for there will be little billing for the client's upkeep. Food and medicine will probably be the extent of the billing. This is what the insurance will cover. So if you insured with the idea that several thousand/month would be coming from the insurance company, be advised this is not so.No bills-no payout! The in-home part of the policy will benefit you. A typical nursing home, which charges $2000/month will benefit you. But the typical Assisted Living with big up-front payout will leave you wondering how you screwed up so badly. Just be aware!
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