[Fuang‏]

A close friend of mine recently suffered a second stroke, and unfortunately, the outlook isn’t very positive. It’s been a wake-up call for me and has made me seriously think about long-term care (LTC) insurance—something I hadn’t given much thought to before.

I’m now wondering how others are preparing for the possibility of needing long-term care in the future. Do you currently have LTC insurance? Are you planning to get it, or are you choosing to self-insure instead?

I’d really appreciate hearing how others are thinking about this—whether it’s through insurance policies, savings strategies, or alternative plans.

What influenced your decision, and what would you recommend someone in their 40s or 50s start doing now?

[Scott]

If you can’t self-insure, they say try to buy it right before you’re 60.

That seems to be the point where the costs jump significantly

[Jule]

We are self insuring, we can handle it. Many have so many restrictions, not mention high cost premiums.

[Anne]

The state I’m in pretty much forced the issue of getting LTC (long-term care) insurance for anyone who could afford it when they (IMHO, seriously overreached) and began taxing .58% of gross wages, for a pitiful return of up to a max of $36.5K, that can’t be passed on in inheritance and only be used in State.

When the mandate was about to begin, I was fortunate to be working for a company that made a deal with an insurer to offer a time limited signup on a really good LTC policy, allowing those who could secure private policies to avoid the .58% tax.

My annual premium is just under $1.6K, with a payout 20x’s greater and much more flexible to use than the state mandated LTC.

Personally, I wouldn’t have signed up for a LTC policy because I have dedicated HSA savings & investments for the assumed eventual need for LTC.

Until my state forced the issue, I didn’t have a compelling need to put money in an insurer’s pocket to cover potential LTC.

[Robert]

Unfortunately, because I have pre-existing health conditions I do not qualify for LTC insurance.

Luckily, my assets are such that I can self ensure; but for people who cannot self ensure I definitely recommend that they purchase an LTC policy, but only from an insurance company that is in very good shape.

[Author]

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