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That's the newest thing among the moneyed set. (Mr. Faga is the former CEO of the Mitre Corporation.)

A new way to pay for the single biggest expense in retirement
https://www.marketwatch.com/story/long-term-care-insurance-h...

As members of Goodwin House at Home (GHAH), the Fagas stay in their home of 35 years in Falls Church, Va., while receiving long-term-care benefits that kick in if they experience cognitive or physical decline and need help with activities such as eating, bathing or dressing. Those benefits include an insurance contract that covers costs related to long-term care — such as paying for home health aides — and care management from a licensed social worker who can coordinate the hiring of in-home aides, oversee care after discharge from a hospital and evaluate the type of nursing home or other facility that would make the most sense if the couple ultimately needs to move out of their home.

The couple paid an upfront membership fee of more than $180,000 — and continue to pay about $1,000 a month — for a plan that’s 90% refundable if they terminate the contract. In return, the couple can receive a daily benefit up to $402 to pay in-home caregivers if either of them cannot perform at least one daily-living action, with a maximum lifetime benefit of about $1.1 million. It is one of five plans that GHAH offers; others have lower upfront fees based on one’s age and benefit level.

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intercst
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The couple paid an upfront membership fee of more than $180,000 — and continue to pay about $1,000 a month — for a plan that’s 90% refundable if they terminate the contract. ... a daily benefit up to $402 to pay in-home caregivers..., with a maximum lifetime benefit of about $1.1 million.

I would worry about the financial viability of the plan and the company standing behind the plan.

Major insurance companies badly underestimated their costs of long-term-care insurance. Is Goodwin House at Home (GHAH) making the same error? How would you know that it isn't?
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But don’t get too excited: Aside from the steep upfront fee, you must be in fairly good health as you may undergo a medical screening to qualify.

My financial advisor had me look into a long-time care plan similar to those discussed in the article several years before I retired. It required medical screening. I was disqualified because I was a disabled Vietnam Veteran and eligible to receive long-term care in a CalVet home.
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