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Author: frl49 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76111  
Subject: long term health insurance Date: 12/20/1999 7:22 PM
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Is it wise to buy long term health insurance. GE has a plan for I think $500 a year and you get $100/day when you need it for 4 years. Does that sound sufficient ?I am 51 yrs. old. Any other suggestions on long-term.Someone recommended we get it. It's our first look into these matters.
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Author: mathetes Big red star, 1000 posts Old School Fool Motley Fool One Everlasting Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 16661 of 76111
Subject: Re: long term health insurance Date: 12/20/1999 8:15 PM
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Is it wise to buy long term health insurance. GE has a plan for I think $500 a year and you get $100/day when you need it for 4 years. Does that sound sufficient ?I am 51 yrs. old. Any other suggestions on long-term.Someone recommended we get it. It's our first look into these matters.

Here's one opinion, based in part on input my wife and I received from a financial advisor a year or two ago, based also on studying the rate tables for the plan my employer offers, probably quite similar to yours from GE. (Metropolitan administers it for us; wouldn't be surprised to learn they do it for GE.)

The financial advisor did think it a good idea but not for us yet because we're still too young. At the time he said it, we were around 55, 56. That was two or three years ago. I looked again this year, studied the rate tables for how the premium changes each year that you delay. My conclusion was that we should start next year, when I'll have just turned 59. After that, in the 60th year and after, the rates turn steeply upward.

Now, they go up each year, and the younger you start, the lower the rate you lock in......... so it's a choice you have to make as to when, but that's the approach we've taken.

mathetes

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Author: Donna405 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 16664 of 76111
Subject: Re: long term health insurance Date: 12/20/1999 9:25 PM
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Is it wise to buy long term health insurance. GE has a plan for I think $500 a year and you get $100/day when you need it for 4 years. Does that sound sufficient ?I am 51 yrs. old. Any other suggestions on long-term.Someone recommended we get it. It's our first look into these matters.

If you will follow the "Protecting Assets" thread on this Board, you will find a discussion of long-term care insurance. At 51, $500.00 per year seems fairly reasonable. At 54 I enrolled in the Metlife coverage through AARP (you must be a member of AARP to receive the discounted rates), and my cost is $34.52 ($414.25 yearly) if debited from my checking account monthly (you save $2 per month doing it this way.) I suggest you enter www.aarp.org, click Insurance and find you way to the long-term care insurance section. YOu may calculate your premiums after chosing the coverage you desire. It may be that your coverage through your employer includes automatic inflation protection which is a lot more expensive under my plan. Also, check to see if the coverage you are offered is for lifetime coverage - very important.

Donna

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Author: dasl One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 16667 of 76111
Subject: Re: long term health insurance Date: 12/20/1999 9:56 PM
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my cost is $34.52 ($414.25 yearly) if debited from my checking account monthly (you save $2 per month doing it this way.)

What is your benefit amount and duration?

dom

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Author: TTRoberts Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 16683 of 76111
Subject: Re: long term health insurance Date: 12/20/1999 11:53 PM
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frl49, you asked:

<< Is it wise to buy long term health insurance. GE has a plan for I think $500 a year and you get $100/day when you need it for 4 years. Does that sound sufficient ?I am 51 yrs. old. Any other suggestions on long-term. >>

YES, it's wise to buy long-term care insurance. Whether or not $100/day for 4 years is sufficient or not depends on the area you live in. In some states one might need $130 to $150 per day. As for the period of 4 years, that's enough of a period to cover most of the odds of needing it for longer. For most places in the U.S., this amount and period is fine (depending on just what YOU feel you want). Not much can be said about the premium as one would have too take a closer look at what else you're getting or not getting. But I suspect there are some additional things you might want to consider (like inflation protection, which is VERY important).


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Author: Donna405 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 16739 of 76111
Subject: Re: long term health insurance Date: 12/21/1999 10:05 PM
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What is your benefit amount and duration?

Benefit amount: $3,300.00 per month
Duration: Lifetime

Donna

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