Does anyone here have Long Term Care insurance?

[CTyankee]

I'm being told I should have it by my daughter, since I am 68 and my mother lived to be 94. Spouse and I could get a discount if we got the policy together.

I'm worried that the risk of losing everything I have (not much but still...) far outweighs the cost involved.

If it were an insurance broker's advice, I'd be a little less likely to listen (tho not entirely)but my daughter isn't involved in the insurance industry.

Where can I get the best information on these plans? Consumers Union? AARP?

[leftofcool]

1. I would come closer to trusting AARP than a broker but

it's a toss up

[RB TexLa]

2. Just because someone wants to sell you something doesn't mean

it's not good advice. An insurance agent will be a very good source of advice on LTC. It's like all insurance, the best insurance is the insurance that is in place and pays when you need it.

[RebelOne]

3. My daughter wanted me to get that insurance also.

I told her sure if she wanted to pay for it. It is terribly expensive.

[Dollface]

4. Try Consumer Reports - I've linked an article but you have to subscribe for the details

http://www.consumerreports.org/cro/money/insurance/longterm-care-insurance-1103/overview/index.htm?resultPageIndex=1&resultIndex=1&searchTerm=long%20term%20care

[GoneOffShore]

5. We've got it.

And if you decide to do it, do it soon.

The further past 60 you are the more expensive it is.

AARP and Consumers Union are good, though most financial planners will give you good info as well, plus advice on how to fund it so that the premiums don't eat a lot of capital.

[CTyankee]

6. My financial advisor (who was my mother's so I trust him) has given me some

information but I was wondering what others in my situation are doing.

[HelenWheels]

7. Bad idea

If one of you gets put into a long term care facility you would have to spend down your own money but would be able to keep your house, up to one acre of land and one car as long as you live. You're also allowed some savings but I'm not sure how much. After you die the state would sell your property to pay off the remaining bills. I don't think that's a bad deal. Your money should go for your and your spouse's care and not be saved for your kids. That's the way it works in Wisconsin. Most of the long term insurance is not worth the money. I'm 70 years old and if there is any money left after I die my kids would get it but my bills would have to be paid first.