Met with an agent today. How many years coverage do you have? How much coverage per month? Anyone think it's a bad idea?

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1977 300d 70k--sold 08
1985 300TD 185k+
1984 307d 126k--sold 8/03
1985 409d 65k--sold 06
1984 300SD 315k--daughter's car
1979 300SD 122k--sold 2/11
1999 Fuso FG Expedition Camper
1993 GMC Sierra 6.5 TD 4x4
1982 Bluebird Wanderlodge CAT 3208--Sold 2/13

I'm not doing it. I have long term disability and life to take care of the family, but I have no intention of submitting myself to long term care.

Kerry, it's a part of what I do and without knowing your individual situation I hesitate to be too specific but in general:
It's not a bad idea. People have the idea of languishing in the nursing home but the new policies cover at home care and can really take the pressure off the family, emotionally as well as financially.
I'll risk repeating your advisor here but the average length of time spent needing LTC is 3-4 years. If there's Alzheimer's disease in your family I suggest longer. Also it's not hard to qualify for care. Typically needing help with 2 of 6 daily activities gets you care. The general times I think it's a bad idea is if a person can't afford the premium or if their net worth is so high they can self-insure.
Have him run a break-even analysis. You may see that even if you pay premiums for 15 years it only takes a few months of on-claim to break even. The sweet spot for purchase is typically early 50's to early 60's. The premium goes up exponentially as you age and the chance of being declined goes up also.
Disability does not cover this, especially after age 65
Those are general thoughts and are not to be taken as individual advice or suggestions. It depends on a lot of things and no answer is right for everyone.
Feel free to PM or e-mail me if you have any questions.

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1983 M-B 240D-Gone too.
1976 M-B 300D-Departed.

"Good" is the worst enemy of "Great".

Thanks. The agent thought Mutual of Omaha was the best option since they offered cash payment for in-home care that could be given to anyone, including family members, and not necessary licensed in-home care providers. Also, the deductible was figured in calendar days and not service days.

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1977 300d 70k--sold 08
1985 300TD 185k+
1984 307d 126k--sold 8/03
1985 409d 65k--sold 06
1984 300SD 315k--daughter's car
1979 300SD 122k--sold 2/11
1999 Fuso FG Expedition Camper
1993 GMC Sierra 6.5 TD 4x4
1982 Bluebird Wanderlodge CAT 3208--Sold 2/13

You're welcome.
I'm not familiar with the MofO product, I typically deal with John Hancock and have also studied Allianz and Genworth.
My thinking on the subject is that you have to put the thought of assisted living aside. You're either gonna need it or not, buying the insurance won't change that. By buying it, you are insuring your nest egg. We as advisors do our best to grow assets for our clients, it only makes sense to protect that money. In the right situation of course.

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1983 M-B 240D-Gone too.
1976 M-B 300D-Departed.

"Good" is the worst enemy of "Great".

I am too young to consider this at 42, but I've researched up on long term care insurance, and view it as a must.

The cost of long term care is such that it is impossible for a regular middle to upper middle class person to afford out of pocket. You will be wiped out in no time at all, and then you are left with the government paying for your care, and it is not to the level that you would want.

Enroll now why you are young and can afford it.

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Paul S.

2001 E430, Bourdeaux Red, Oyster interior.
79,200 miles.

1973 280SE 4.5, 170,000 miles. 568 Signal Red, Black MB Tex. "The Red Baron".

I met with an agent last year and got some figures, haven't pursued it yet bet feel I need to. All that nonsense about riding off into the sunset when the time comes aside, I need to protect the ranch for the family.

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You're a daisy if you do.
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84 Euro 240D 4spd. 220.5k sold
04 Honda Element AWD
1985 F150 XLT 4x4, 351W with 270k miles, hay hauler
1997 Suzuki Sidekick 4x4
1993 Toyota 4wd Pickup 226K and counting

One day after I applied for it, I went to the Doctor, who discovered that I had the beginning of Diabetes 2, I was single and ate too much sugar for too many years,

The Insurance agent who sold me the policy said that would not count as a pre existing condition on which to deny me the coverage.

Over the next weeks, I went through aNDno less than four interviews and physicals, each were long, (2 hours) which included physical and oral examinations, and I always answered truthfully, even about the Diabetes condition discovered after the application was submitted.

....and in the last of these, about 2-3 time I was asked to recite the names of animals and words they had read earlier. there were ten and I was not paying too much attention, and repeated 3-4 correctly..

I paid the first premium for the pol.icy.


two days ago I received the letter denying the coverage.


the "reason" given was that their basic underwriting test for cognitive ability failed.


I am LIVID.

I am NOT stupid. In fact I am an active ember in good standing of MENSA, which is a well known international high IQ society, and have been since 1981, and my IQ tested at 148.

What can I do? the policy and premiums after much study, seemed to fit well and even my budget could have withstood the hit;

The program is administered partially under the asupices of the State Department of Health.

What can I do - ask for reconsideration, or simply go to the State department of Health and allege abuse of discretion?

Based on a mechanical application of a rigid formula as a technical reason to deny an otherwise well qualified applicaznt they decided to find a reason to deny coverage?


Pliease give me your thoughts. The letter of denial contained a refund of the the premiums paid in connection of the application.

The agent that sold me the policy never bothered to return the phone call I made on friday, the day after I got the letter, a cc of which was sent by the company to HIM.


I am currently 62 years of age, unmarried and living at home alone in a 2 bedroom home.

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1991 560 SEC AMG, 199k <---- 300 hp 10:1 ECE euro HV ...

1995 E 420, 170k "The Red Plum" (sold)

2015 BMW 535i xdrive awd Stage 1 DINAN, 6k, <----364 hp

1967 Mercury Cougar, 49k

2013 Jaguar XF, 20k <----340 hp Supercharged, All Wheel Drive (sold)

Yikes. The agent did say a cognitive test was required and mentioned multiplication tables and repeating words. My wife and I joked about it but didn't really consider the possibility we might fail. That is awful.

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1977 300d 70k--sold 08
1985 300TD 185k+
1984 307d 126k--sold 8/03
1985 409d 65k--sold 06
1984 300SD 315k--daughter's car
1979 300SD 122k--sold 2/11
1999 Fuso FG Expedition Camper
1993 GMC Sierra 6.5 TD 4x4
1982 Bluebird Wanderlodge CAT 3208--Sold 2/13

The company that issued the denial was Genworth.

__________________
1991 560 SEC AMG, 199k <---- 300 hp 10:1 ECE euro HV ...

1995 E 420, 170k "The Red Plum" (sold)

2015 BMW 535i xdrive awd Stage 1 DINAN, 6k, <----364 hp

1967 Mercury Cougar, 49k

2013 Jaguar XF, 20k <----340 hp Supercharged, All Wheel Drive (sold)

Hmmm, perhaps he saw your signature line of the SEC's burn-out?

Jim,
You and I are close to the same age, but I believe your financial picture is likely pretty darn good. An assessment of that picture might have you in better shape going forward than you believe it may be. First of all, it's not a slam dunk that you will need excessive nursing home style care. And secondly, at your age, you've got a whole lot of livin' to do, as evidenced by the number of times you've been stopped by the CHP. Thirdly, since the future is unknown as to your hursing home, healthcare needs, it is time to look at what the premium instead can be deployed elsewhere, ie invested.

That is my outlook, versus endless premiums, and I practice what I preach in not insuring my home - for 10 years or so now. I can deploy (invest)those premium dollars elsewhere for MY betterment - not the stin-kin' insurance company's benefit.

Just a couple thoughts. Have a good day.

~Joe

Our firm instituted group plan a couple of years ago. At the time I was 62. As you may know, I have a looong history of cardiac problems. Strike that. I had cardiac problems a looong time ago. So, for me to go kick tires on my own most likely would be either futile or prohibitively expensive.

I was eligible to be covered in the group and the policy is portable if I leave the firm and/or retire. Our policy is with MetLife. I opted for a daily benefit of 200.00 per day with a 5% inflation rider. The basic 200 per day was 1285 annually and the inflation rider was about 1485. All together it is a little over 2800/yr. Fixed premium. The firm pays 1,000 of the premium for eligible employees.(either over age 55 or 10 years of service) (a little more for the principals in the firm.) My (after tax) p/r deduction is about 22.00 per week. (hohum) To me it was a no brainer, especially after I had my cervical spine fused (5 level) in 2004. I am more concerned with physical debilitation than mental problems.

I was reading an article this morning about how little interest employers often get when offering these benefits to their employees. For that matter, FSA's get little lukewarm response too.
Eh, what the hell. Who needs insurance? I'm gonna live forever!

edit: Term is 36 months. In hospice, care facility, home care, pretty broad range of coverage.

How many other people think 36 months is good? Had a friend whose mother was in care for Alzheimer's and she was there for 4 or 5 years, perhaps longer.

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1977 300d 70k--sold 08
1985 300TD 185k+
1984 307d 126k--sold 8/03
1985 409d 65k--sold 06
1984 300SD 315k--daughter's car
1979 300SD 122k--sold 2/11
1999 Fuso FG Expedition Camper
1993 GMC Sierra 6.5 TD 4x4
1982 Bluebird Wanderlodge CAT 3208--Sold 2/13

Nursing home care here about three thousand a month currently.