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Old 03-19-2014, 09:35 AM   #15
Junior Member
Join Date: Mar 2014
Posts: 4
Originally Posted by tedgard01 View Post
Apparently you did not purchase some LTC insurance that was portable for your retirement years. You may want to lessen, or even remove this concern, by getting a hybrid life insurance policy. They are designed to provide triple the benefit for LTC over the life benefit. Simply talk to a good CFP regarding your options.
That's correct. We never purchased LTC insurance as small business owners. The Americans who seem to have them include corporate executives, federal, state, county and city employees. Friends who are professors at the University of Hawaii have LTC insurance. It is part of their compensation package.

Insurance companies miscalculated the future cost for care services, and that improvements in medicine and lifestyle will result in seniors living longer. The major companies are getting out of the LTC business by selling the policies to others. The new owners are changing the rules making it difficult for policyholders to collect. Read the fine print in notices sent. The rules and amount of coverage are changing.

If we try buying a policy today, as seniors with some medical history, it will be prohibitively expensive.

The solution for us is simple. The amount set aside to pay for expenses during our independent senior years is sufficient to pay for assisted living, skilled nursing and memory care services. We get the same quality at a lower cost by going overseas. Of course I am hoping we will be part of the 30% among the 65 years and up who won't need care services.

It's a fascinating subject. I am considering the possibility of doing additional research and writing an eBook. Maybe next year. First thing is to have lots of fun traveling across America now that we are retired.
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