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revacyrus

Jan 13, 2010, 10:03 PM

Post #1 of 10 (6221 views)

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Should I go for Long Term Care Health Insurance Coverage?

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I am in my twenties. Would it be advisable for me to go for Long Term Health Insurance Coverage?

hunteradvisor

Jan 14, 2010, 4:36 AM

Post #2 of 10 (6198 views)

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Re: [revacyrus] Should I go for Long Term Care Health Insurance Coverage?

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I'm a Certified Financial Planner here in the US and work with about 80 families. I work with Long Term Care Insurance as an agent and include a discussion about it as a part of the whole financial plan. I would not recommend it if you were my client at this time in your life at least not without knowing more about why you are considering it? Keep in mind you have to have lost substantially the ability to care for yourself for it to kick in. There are also strict requirments about how your care would be paid for, like not to a relative and not in Mexico. If you bought a policy now which would cost about $2,000 per year (you MUST have the compounded inflation protection rider) you would have to pay for it until you qualified for the services which for the average policy holder is in their eighties. So $2,000 assuming no increase in premium which is not guaranteed and will surely increase for 60 years is $120,000. You might never get the benefit if you died in an accident or peacefully in your sleep. Beware of any agent who tells you otherwise! The most important insurance you can have is the kind that insures what is most valuable for a young person....human capital and that is your ability to work for the next 40+ years. This is called disability insurance, long term and short term, I would suggest you speak to your employer or an agent about this type of insurance. If you are not working, or not working on "the books" you won't be able to qualify for it.
Buenas Suerte!
Isabel
www.RanchoSolyMar.com

tessflores

Jan 14, 2010, 9:01 PM

Post #3 of 10 (6123 views)

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Re: [revacyrus] Should I go for Long Term Care Health Insurance Coverage?

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According to this article, I found on

www dot long-term-care-insurance-planners dot com

It seems like it is a good idea to buy it at younger age as premium is less. You can read more about it on its website.

revacyrus

Jan 17, 2010, 8:42 PM

Post #4 of 10 (6035 views)

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Re: [revacyrus] Should I go for Long Term Care Health Insurance Coverage?

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Thanks to all for replying to my post

Anonimo

Jan 18, 2010, 3:03 AM

Post #5 of 10 (6009 views)

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Re: [tessflores] Should I go for Long Term Care Health Insurance Coverage?

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Quote

www dot long-term-care-insurance-planners dot com

Why the "spelled out" URL? Very curious.

Saludos,
Anonimo

revacyrus

Jan 26, 2010, 11:02 PM

Post #6 of 10 (5860 views)

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Re: [revacyrus] Should I go for Long Term Care Health Insurance Coverage?

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Could anyone explain benefits of LTC?

RickS

Jan 27, 2010, 10:31 AM

Post #7 of 10 (5808 views)

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Re: [revacyrus] Should I go for Long Term Care Health Insurance Coverage?

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Long Term Care (LTC) is an insurance policy which covers (pays) a certain amount of dollars for a certain amount of time (years) towards the cost of a person staying in a 'Nursing Home'. The amount the policy covers and the length of time of coverage depends on a number of factors but generally one buys what one can afford or what one thinks they may need.

The cost of the insurance is generally lower the sooner in life one acquires the insurance policy; most agree that it is not cost effective to purchase before one is in their 60's (but that of course depends on the individual situation and is open to debate).

katie

Jan 27, 2010, 9:58 PM

Post #8 of 10 (5761 views)

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Re: [revacyrus] Should I go for Long Term Care Health Insurance Coverage?

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I agree with RickS.

An individual may be able to deduct part of the premiums for a long term care insurance policy and benefits paid out will generally not be taxable as income. List on Form 8853. Benefits paid to you under a non tax-qualified long term care plan may be considered taxable income. Buying a non tax-qualified plan could increase your tax liability and reduce the value of the benefits.

Long Term Care Insurance
http://www.long-term-care-insurance-planners.com/

(This post was edited by katie on Jan 27, 2010, 9:59 PM)

Hound Dog

Jan 28, 2010, 7:59 AM

Post #9 of 10 (5721 views)

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Re: [RickS] Should I go for Long Term Care Health Insurance Coverage?

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Long Term Care (LTC) is an insurance policy which covers (pays) a certain amount of dollars for a certain amount of time (years) towards the cost of a person staying in a 'Nursing Home'.

Let´s see. If I´m in my twenties I might need this in about 60 years or so if ever and the nice thing about this is that when it´s time to shovel me into the old-folks basket I won´t even know who the young guys with the white jackets and butterfly nets are or even know where I´m they´re taking me or how much profit that insurance company made off of me for the past 60 years.

What sort of person in their 20s actually would entertain the notion of a rip-off like that? Is this a set-up thread?

When I was an infant, my father bought me a life insurance policy which, to the best of my recollection, would have paid something like $5,000 upon my death only the problem is, when I reached maturity at 21 way back in 1963, I cashed that sucker in for its cash valiue of a few hundred dollars and bought a few cases of Bacardi Añejo and invited a few female type University of Alabama fellow students over to my place to watch Joe Namath whip up on USC and damn if I remember how that game came out. All I know is that I will be 68 in two weeks and $5,000 won't even buy me a dorm room for one week in the Alabama Home for the Mentally Imbalanced as if I wouid apply for sustenance there in the first place.

I´m in Mexico. Just throw me in the lake and fatten up the carp.

By the way, I had a childhood friend in Alabama who had no idea what to do with himself being somewhat lackadaisical if you get my drift so he and some friends started a bunch of old folks homes all over the southeast in the 1970s and he became so rich he retired before he was 50. Sumbitch came to visit me in the 1990s in California while attending some sort of tax-dodge convention in San Francisco and told me he was so rich he and his partner owned 147 trucks. Then he had me take him by a Napa Valley wine store to buy a case of white zinfandel all the while disclaiming to the store clerk that he was buying it for himself.

(This post was edited by Hound Dog on Jan 28, 2010, 8:14 AM)

barmarr

Jan 29, 2010, 9:32 PM

Post #10 of 10 (5614 views)

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Re: [revacyrus] Should I go for Long Term Care Health Insurance Coverage?

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You are definitely to young to make such a purchase at this time.

In the future, if you decide you want this coverage, the best time to purchase long term care insurance is between age 55-59. At age 60 the premium jumps.