Long Term Care Insurance
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| Wed, 04-19-2006 - 3:07pm |
Dh and I are considering taking out a long term care insurance policy for dh's parents. We don't want them to rely on medicaid, and we don't want to run ourselves to financial ruin either trying to care for them later in life. They're in their 50s (both born in 1950), which I understand is the best time to begin purchasing LTC. They're in basically good health, though dh's dad smokes, and they both have a couple of chronic non-fatal conditions that they deal with (cluster headaches for dh's dad and a severe yeast-related problem plus a lung condition for dh's mom--none of it is fatal or debilitating and it's all under good control). We're thinking of asking at least one of dh's siblings to share the cost with us (the other of his siblings is in no financial condition to share the cost of anything--she can't even support herself right now).
I'll eventually call someone for an official quote, but does anyone here have any idea what the range of likely cost is? I wish I could get a rough quote online based on basic information, but everyone wants dh's parents's address and phone number, and wants to call me, and wants personal information about the insuree including full name, etc.--stuff I'm not willing to give out just to get an idea of whether it's feasible before we run the idea by dh's family.
So, anyone have any idea? I know it's complex and the exact cost will vary widely, but just a really rough range--like, $50-250 a month, or $10-35 a month (yeah, wouldn't that by nice? LOL), or $200-1000 a month (yikes)--would be helpful, since I have absolutely no clue what this kind of insurance costs.
Thanks so much everyone!
Heather

Hi,
I called a couple of years ago to ask for some rate quotes for my parents (about the same age and health as you mentioned), and I was told something between $50-100 per month. I can't remember if that was per person or for both (I think it was per person). Obviously, the younger a person is and the better health they are in will lower the cost.
From a financial planning point of view, long term care insurance is a good thing. You've just reminded me to talk to my parents again about getting it!