I never planned to live this long
I have been thinking about long term care insurance again. I know what a lifesaver long term care insurance can be. Last May, when it became appararent that my mother-in-law, Marlene, could no longer live on her own, we became confronted with finding the right care for her and looking at the cost. Here's the thing, we don't know how long we will live. I can't even tell you the number of people we care for who tell me "I never planned to live this long." Marlene was no different. She outlived her husband, the she didn't plan that. She thought she was supposed to go first. Well, she didn't.
Luckily, when she was younger and more mentally capable, Marlene had the foresight to buy long term care insurance. What I never asked her was - how did you know when the right time was to buy? How did you know what to buy? Do you go for a policy with a short elimination period? A lifetime benefit? Flexible daily payments or fixed payments? What if you get a policy that is only good for a few years and you live longer than that?
This is a subject that's going to take much more studying. I have a little bit of knowlege on the subject. I have seen presentations by Banker's Life, MetLife, and John Hancock. I know what assisted living costs can run and what home care costs can run. (I'm not ready to think about nursing home care but I know what that costs, too).
MetLife has a great site for looking at costs of different types of care and it's easy to get around. So, I'm going to see if I can get over my tendency to put things off, make a list of what's important to me and my husband and do some serious long term care comparison shopping.
Then, I plan to just get on with it and buy a policy because no one ever plans to live that long.
Toni Reinhart| October 19, 2010; 6:12 AM ET Save & Share:
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Posted by: mewcomm | October 21, 2010 1:24 PM
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