Just Paid My '05 Long-Term Care Invoice
A year ago, after significant research, I committed to Long-Term Care insurance policies for my wife and me. I just wrote MetLife a check for this year's bill = $7,113.32.
The number is not as bad as it sounds: I elected to go with a 10-year payment plan, so naturally the premium is higher than your typical LTC policy.
While most people elect to make payments for the balance of their lives, there is one major advantage to going with a 10-pay plan: Assuming I can get through the next 10 years without a rate increase, I'm in the clear for this major investment. *
Assuming sufficient interest, I'll post additional details on what, why and how I approached LTC. So feel free to add a comment or question to this post. Note: Answers will be appended to the same post in which the question was originally asked.
* I believe there is a very good chance, at least for the company Im with - MetLife -- that rates will not go up in the next ten years.
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Thanks go out to reader Steve who asked: How's the long-term care application process? Steves question came in response to my recent post titled "Just Paid My '05 Long-Term Care Invoice." The process was very similar to when I applied for individual medical insurance ... Read
Thanks go out to reader Steve who asked: Is there much research available on the net...I haven't seen much, at least regarding specifics such as how much it will cost, etc.? Steves question came in response to my recent post titled "Just Paid My '05 ... Read
how's the application process? do you know how much it varies by state? is there much research avaialable on the net, b/c if there is, I haven't seen much, at least regarding specifics such as how much it will cost, etc.
Hi Steve,
Thanks for your interest. Please check back in a day or two. I'll post answers to your questions. 1stMill
Hi Steve,
Thanks for your interest...
Check the Long-Term Care category (menu at top). Youll find posts addressing two of your questions. Here's my response to your remaining question...
Q: Do you know how much it varies by state?
A: If youre referring to how much the application / health screening process differs from state to state, my BEST GUESS is that there will be very little difference.
If you are asking how much the policies or rates differ, my BEST GUESS is that you will find some differences. Heres why: Regional claims experience can impact the rate tables; State commissioners outline terms & conditions that must be met by any company licensed to sell in their state. While the underlying product may be substantially the same, contract terms will likely vary.
One other consideration: I know that California has established something in the L.T.C. area that is substantially different from where I live. Since I do not live in California, I cant help you in regards to their program.
