Long Term Health Care Insurance Pitfalls?

[CC1]

Between my health insurance, car insurance, and life insurance I paid almost $1000 month for insurance last year!!!!!!!!!!!!!!!!!

[StillStanding]

Originally Posted by CC1

Pianoperson,

I am not surprised at the results of your research as it is essentially what I discovered in my limited research also.

The premiums were very high and did not cover much.

I have a quote coming to me in a few days. I'm seriously considering putting the premium amount as a monthly automatic withdrawal into a special savings fund. Then, I'll hope for the best!

[StillStanding]

Originally Posted by CC1

Between my health insurance, car insurance, and life insurance I paid almost $1000 month for insurance last year!!!!!!!!!!!!!!!!!

We spend about $500 per month on all our insurance! Of course, Mrs. Pianoman's company pays 3/4 of our health insurance and all of her car insurance.

[Ron]

Originally Posted by Pianoman

I guess it's a roll of the dice.

There are legal ways to protect half of one's inheritance for purposes such as this. We are talking with a financial expert and lawyer now about protecting some of my mother's assets. It's not because us kids want the money! It's because we want our mother to be able to have extra money for clothes and food when needed!

Hopefully, I'm putting enough money back for retirement to cover a catostophic senario such as the one you mentioned. If it cuases my children to not get any inheritance money, so be it!

The special savings account that I mentioned could help a little. This is over and above my retirement savings.

If I live to be over 80 years old, there is a 50% chance I will need a nursing home at some time.

Of course I am not familiar with your laws & such, but I do pray that God guides you in whatever decision that you make!

Of course long life & good health won't hurt either!

[StillStanding]

Originally Posted by Ron

Of course I am not familiar with your laws & such, but I do pray that God guides you in whatever decision that you make!

Of course long life & good health won't hurt either!

Murphy's law applies to me on a regular basis!

If I pay a premium until age 80 or over, I'll die in a car wreck or something! I will have wasted about $80,000 dollars on premiums.

If I don't buy a long term package, I'll end up spending ten years in a nursing home and it will cause me to end up pennyless!

[CC1]

Originally Posted by Pianoman

We spend about $500 per month on all our insurance! Of course, Mrs. Pianoman's company pays 3/4 of our health insurance and all of her car insurance.

Mine includes two motorcycles and a kid in college's car for a total of three cars and two motorcycles. Last year my health insurance premium alone was $358.00 per month.

I opted for one of those fancy hybrid policies this year and that is going down to about half that. Dropped one of the cars down to liability only so that saved a little also.

This year insurance should be down to just over $700 per month total between car, life, health, dental,homeowners..