[normjack]

From a financial point, who should have and who should not have Long Term Care Insurance? I am 73 yrs old, in pretty good health with very limited income. I have a Long term Care policy that costs me $128.00 per month. Maximum daily coverage is about $160. Should I keep paying on this policy or cancel it?

[tickle]

I haven't heard of long term care insurance. Here in Ontario, if we need LTC, we are supplemented by our old age security and Canada Pension, normally totally about $l000 a month. If the person has no further savings, the nursing home takes all of that and the government supplements further. It is good care.

Your l60 dollars would only be a drop in the bucket for LTC given rising costs; some nursing homes are $2000 to 2500 per month. So unless you have beneficial savings and that is a supplement it will work, otherwise, not.

I think paying $l28 for an eventual $160 a month is entirely unrealistic. Can you get any part of your premiums back ?

Tick

[Fr_Chuck]

At 73, how is that in your budget.

If you have nothing, living on welfare, then you will still end up in a poorly kept nursing home that will accept your social security money for payment

If you are rich, you can afford the 2000 to 3000 a month a nice place will cost.

How long have you had the policy and for how many years will it pay the 160, many end in 3 to 5 years.

[Wondergirl]

From a financial point, who should have and who should not have Long Term Care Insurance? I am 73 yrs old, in pretty good health with very limited income. I have a Long term Care policy that costs me $128.00 per month. Maximum daily coverage is about $160. Should I keep paying on this policy or cancel it?

I bought a LTC policy long ago and have $150/day coverage with it. I can add to the coverage once a year with minimal premium costs.

I say keep the policy. I'm keeping mine. Medical science is keeping us alive longer, so the chances that you and I will end up in LTC are good. Only if you have a family to count on for at-home care until death would it even be reasonable to consider dropping the policy.

[Wondergirl]

I think paying $l28 for an eventual $160 a month is entirely unrealistic. Can you get any part of your premiums back ?

It is $160 per DAY, tick.

[tickle]

It is $160 per DAY, tick.

Big difference, I missed that ! Then yes, of course.

Tick