[yetidog]

I recently looked into getting long term care insurance and discovered several things:

There has not been a lot of experience with this type of insurance as it is a rather new product. An attraction is low premium while young; however, there is some evidence of premium escalation although the industry does not like to admit this fact.

Get it as young as you can if you are going to get it. Also be in perfect health. I was denied because of a common health problem. Lance Armstrong probably could not get it. It is obvious that the providers really watch their interests closely.

Not everyone ends up in a nursing home. Most of the plans offer options - a common one being the insurance does not kick in for the first 90 days of need (and need is strictly defined). It is also subject ot period of need limits etc. Lots of options really seem more like restrictions to me.

I will probably get it for my spouse since it is cheap ($30.00 per month) for her.

I'd go with John Hancock if you can. They seem to have a reputation in the field.

[KYGrandma]

We have it through my husband's company. We may not get to use it but the alternatives are worse. I have seen too many elderly have to settle for poor care because they didn't have it or the money for better.

[irish guard]

First, ....Do some analysis into death, how long people suffer before they die and whether they need long term care before you do this. Many of us just drop over in a heap and then you will have wasted your money. Others get sick and die quickly...same result. Others linger and the insurance may be valuable.

Second,......what kind of wherewithall do you have? Private nursing homes cost about $8,000 per month today. Could you cover that without breaking the bank? Some people can, again making insurance a waste.

Third,....if you can afford it, there are some retirement facilities that offer "lifecare", which allows you to access nursing care as part of the financial arrangement you make with the senior living facility.

Finally, ....you can always do what many, many Americans do....during the years leading up to your infirmity, gift all your money to your kids and when it is time to enter the nursing home, you can access Medicaid and let all of us pay for your care. Ugly but true.

Try the homework first. Either "lifecare" or the liklihood that you might never need it are probably better bets.

[Library Lady]

My husband and I have no children. I had thought of a reverse mortgage in our later years. Would that be a good idea?