I am a 57 yr old male in relative good health. With rising health care costs and concerns about my children having an eastate after I'm gone, what is your opinion on long term health care policies? I have found a couple that are interesting but am not sure of exclusions and other hidden topics in the fine print. Are they worth it?
Oh, you must be a newcomer to my site! I have been urging people to buy Long Term Care Insurance for at least 20 years! But don’t be mistaken — this is NOT “health” insurance; it is insurance to pay for “custodial care” if you cannot do the basic activities of daily living, such as dressing, bathing, feeding yourself, getting in/out of bed, toileting, etc.
People who bought 20 years ago have seen huge premium increases in the past few years — as insurers admitted they hadn’t properly accounted for the fact that people would really USE these policies, and not drop them as they do with life insurance on occasion. And that people are living longer and using more care!
Now, those premium increases seem to have leveled off. BUT there is a way to avoid tht problem of premium increases entirely. You can buy a combination life/LTC policy. If you don’t need the care, your heirs will get the death benefit. Here’s a link to a recent column on that subject. I urge you to contact MAGA LTC (800-533-6242) for advice you can trust on this topic. You can use my name, or not — as I NEVER get anything from writing about various providers!