Last night I was talking to my Mom about her living will and Health Care POA. It is not a pretty subject right now with all the crap she is dealing with and all of the decisions that have to go along with these issues she is facing.
During our talk she said that she had bought long term care insurance last year as well as funeral insurance. She said that she didn't want my brother and I to have to come out of pocket with a lot of money to have her remains taken care of in a civil way. This is also the same lady that told me that if I buried her in the ground she would come back to haunt me as she is clausterphobic.....go figure.
Anyway, I was just wondering if anyone here has any types of these insurances and if so, what do you think of them? I know that I need to get on the ball and get my will, POA and such in order, but right now it's just not something I want to think about.
1 comment:
Who should own long term care insurance is a common question. I think it makes more sense for a married couple to own a policy, rather than a single person. If a single person uses all of his/her savings/income to pay for care, that's not so bad. If, on the other hand, a spouse requires care and uses up a significant portion of the couple's savings and/or income, the healthy spouse would have quite a burden to bare: both emotionally and financially.
It has been mistakenly called "nursing home insurance". I read recently that less than 37% of claims on long term care policies are for nursing homes. More than 63% of claims are for home healthcare and community care.
The funny thing about long term care insurance is that the price of a policy can vary a lot from one insurance company to the next. Each long term care policy has a different way of charging premium based upon health history, marital status, choice of benefits, and even state of residence. It pays to shop.
What most people don't realize is that group long term care insurance policies are usually more expensive and have less benefits (particularly less benefits for home healthcare) than individual policies. It pays to shop and compare all types of insurance, but especially long term care insurance.
Scott A. Olson, CLTC
www.LTCInsuranceShopper.com
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