I bought it about 18 years ago, sounded great and wasn’t too expensive to buy in my 30’s, luckily i was able to add Mrs TG a few years ago at thrice the price only because i had an existing policy. A few years back I tried to by my parents a policy and was told to pound sand. I hate to admit it, but it was a factor in why we got legally married from domestic partners so I could add her, well that and the step grandchildren starting to ask questions, grandma’s boyfriend sounds creepy. Sadly the benefits and price are long gone today. I got $150 a day benefit with no cap on length ($35/mo for me, $100/mo for her) but nothing today comes close. I honestly think the gov’t should make it a tax deduction or find other ways to encourage it because it reduces the public’s liability.
For those of you whose plan has an eye toward retirement, it’s essential but unfortunately no longer available. I’ve heard nothing from any politician on either side of the aisle about it, but it’s actually an opportunity for some politician to embrace. If you will have a six figure retirement income, medicare won’t cover your LTC, so it’s up to you. Sure $4,500 a month won’t cover the high end places, but it’s a nice offset. For the spouse of someone who needs it, they might be wiped out paying for LTC and keeping up the primary home. I’m glad Hobie brought this up, it’s a bigger deal than that lack of attention it gets.
But then again, my parents earthquake insurance policy in effect for almost 50 years has no deductable and 100% replacement value, I would love to buy that but it was long gone by the time I bought my first home.
Insurance companies are not in the business of losing money, if you are lucky enough to get a policy that ends up in your favor, keep it in force.
