Author Topic: Your recommendation for life and long term care insurance?  (Read 1955 times)

AliInKY

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Your recommendation for life and long term care insurance?
« on: June 24, 2015, 12:58:31 PM »
As my husband and I continue to work on dialing in the early retirement date, my biggest concern continues to be healthcare costs. 

Over the past few years we've unfortunately had a front row seat to what can happen if a loved one doesn't have adequate healthcare coverage, long term care insurance or life insurance.  We've also seen what can happen when you ARE well prepared and your family doesn't have to worry.

We want each other to be well taken care of in the event of an unexpected early death.  (We each have some coverage through our employers but want more.)  We don't want to leave each other in medical bankruptcy due to a catastrophic illness leading to major medical bills, or if a car accident or stroke leaves one of us in a position to require long term skilled care.

We have no children.  If our parents and siblings are gone before we are, our estates will go to our favorite charities. 

Any recommendations for reputable providers who can cover our various concerns? 

FLA

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Re: Your recommendation for life and long term care insurance?
« Reply #1 on: August 20, 2015, 12:52:40 AM »
for life insurance, I like Amica term

the other things, IMHO, there is a lot to be done.  Depending on how old you are, you might want certain assets in a trust in someone else's name so you do not lose that part of your estate if you both end up in nursing homes on Medicaid and they take the asset.  But there is a 7 yr waiting period (at least here) before the trust becomes safe from Medicaid. See an Elder Law attorney if you have not done this yet. Since you are donating to charities maybe you don't mind the loss of assets when the second person goes into a nursing home.  Still talk to attorney. 

Get a health care proxy form or MOLST for your  state.  Pick proxy and alternate, sign, witness and make multiple copies for all docs, shrink yours and your husbands down so you have each other's in an emergency. Proxy is very easy to fill out but it is worthless to assign someone decision making power and never having a conversation about what you would or would not want done.  Have the conversation no matter how old or young you are. 

As for long term care insurance, I have been a nurse for decades and helped people try to collect on these very, very costly policies.  I would do a ton of research, maybe the elder law attorney has advice, get nailed down exactly what you are paying for.  These companies' language is tricky and I have seen companies refuse to pay for aide time when a patient was bed bound, dying and totally dependent in care.  Trust me, you do not want these kinds of companies.  Get the best, figure out what you think you'll need and compare, ask questions, etc.  The Office of the Aging may be able to steer you to someone who can help with this.

FLA

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Re: Your recommendation for life and long term care insurance?
« Reply #2 on: August 20, 2015, 12:54:02 AM »
oops, forgot to say, long term care insurance goes up each year, the sooner you get it, the better.  Good luck!