Return to Article: The Long Haul: Part Three

By Tammy Flanagan National Institute of Transition Planning August 11, 2006
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    How much "wealth" (e.g., net worth or amount of assets or income) do you need such that long-term insurance may not be necessary?

    Eva Obarzanek Posted July 28, 2008 8:55 AM
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    Having signed up 5 years ago for the Federal LTC program, we now wonder whether it was a costly mistake. It has come to our attention that the FTLC, unlike a private LTC, offers no lifetime contract & consequently is subject to premium hikes & benefit alterations every 5 years. And the current deal with OPM allows the underwriters to reject or reduce any claim & refer any appeal to a 3-person board, 2 of whose members are selected by themselves! I wish that some friendly analyst had been around to point out these drawbacks before I spent all that money and turned 61.

    Jerry C. Posted July 25, 2008 8:15 AM
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    I would urge everyone to read Jane Gross's excellent series running in the NY Times, The New Old Age. My husband and I have long term care insurance- we signed up when we were 40. If we never have to use it, if we die peacefully in our sleep, I won't consider it wasted, I'll consider ourselves blessed! But statistically, the chances that we will need some sort of care are good.

    Marion Baumgarten Posted July 25, 2008 7:31 AM

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The Long Haul: Part Three
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