I am looking for good reputable companies that provide long term care insurance but that won't ask HD related questions on the application. Please send me the names of companies that you've dealt with that don't delve into that topic or that you've had a good experience with concerning HD. Also I'd appreciate any feedback if you've had a problem with a specific company (especially in processing claims).

Thanks,

Dee

I have had a terrific experience with Northwestern Mutual. I was advised to get all of my "ducks in a row" before i was tested for the HD gene (by the genetic counselors). I had a simple blood test and filled out the necessary paperwork for life insurance.

I didn't end up going the long-term care route, but I do remember them asking for family background. I was able to answer the questions honestly at that point as I myself hadn't been positively diagnosed. They have been a terrific company to deal with-again not sure if this helps as far as your situation, but hopefully a helpful suggestion!

Good luck

Mine is through CNA.. The never asked a question re: HD or such

DCB
*Living for today*

Try John Hancock, Metropolitan life, State Farm for starters. General Electric and AARP also advertise. If you have no preference of company, visit an insurance broker that represents a number of companies. Brokers can usually tell you about the policies that they think has the most features for the $$$.

Just to educate yourself before visiting an agent, Google "long term care insurance" and get a basic understanding. It is not that complicated.

I think CNA is getting out of the LTC insurance business. They honor their existing LTC policies.

Our experience with John Hancock has been good. I would also recommend that you talk to an insurance agent. Having an understanding of long term care insurance prior to meeting with an agent is also helpful.

Dave gives good advice on the googling. It's truly amazing the amount of information you can get that way!

Thank you all for the replies! I will look into these companies. I have one additional question. We are a very young couple (early 30's) with small children. I'm not sure how much longer my husband would work after a diagnosis. Could the long term care money only be used for his care at home or in a nursing home or could we use some of the funds to pay for living expenses (i.e. towards mortgage and other bills)? I'm wondering if we should get tons of insurance through different companies as a way to suplement his loss of income. Would these companies require medical receipts or bills to process the claim?

Dee

Dee,

LTC insurance pays for care at home or in a facility. You choose the amount you need. When you choose your daily benefit amount (say $200 per day for a nursing home), you can have your in-home benefit be equal to the daily benefit or a percentage of the nursing home amount. If you need care at home on a 24 x 7 basis, you might find that is not much less than the cost of a nursing home. My wife's care for 8 hrs. per day, 5 days a week, is approx. $40,000 per year. Feel free to PM me.

You need totally different insurance to cover your mortgage and other bills. This insurance is called disability income insurance--might be called something slightly different in various web sites. For this insurance you purchase a benefit to replace X dollars of your spouse's income. Again, you decide how much you need.

Dave, I've usually heard "disability income" referred to as STD (Short Term Disability) and LTD (Long Term Disability). Benefits which give you an income - which can be banked or used for whatever you choose.

Naturally, you have to qualify as "disabled". This can take affect soon after you lose your regular income (either yours or your spouse's).

Long Term Care, I have aways thought to be benefits which kick in once you're advanced enough to require professional medical home care - or a nursing home - or hospice.

Is that correct?

JL,

JL, I am sure that some companies might refer to their plans as you describe them. I just did a Google on the term "disability income insurance." It is a pretty generic term. Under this type of insurance, I noticed one company offered insurance covering "long-term" disabilty. So, I think that we'll probably find these terms depending on how companies market their plans. Anyone wanting to buy this insurance needs to understand when these benefits kick in.

You are right on LTC insurance as well. People have to be disabled enough to collect benefits. Many companies require you to be unable to perform two activities of daily living (ADL)--e.g., toileting, dressing, bathing, walking, eating, etc.

Well, Dave - don't both LTD and LTC require you to qualified as "disabled"?

But it seems that they differ as to the degree of the disablement, and the benefits.

I do not intend to ever require LTC - and so I have not opted to acquire it. Nonetheless, I don't hesitate to recommend it to the multitude of people who don't share my views.

It's every person's choice...........

my 2 cents.

I have LTD and my understanding it pays an income less than or equal to what I was making prior to the disability. I choose the amount I would recieve (50% of what I was making at that time, more than what I made last couple years). However It stops paying once I reach retirement age. I choose 68. The payment is to me.

Where LTC pays the daily amount you choose to a care provider. that alone would be more than the income I could recieve with LTD

As I wrote this I realize I might have a problem with my policy if I get disabled, I'm pretty sure the benifit is based on current income.



Edited 1 time(s). Last edit at 03/13/2008 11:10PM by JFB.

There's short term disability and long term disability insurance and you need both policies (which you can get from the same company). Short term disability can go for six months and then long term disability kicks in. Usually the insurance company requires you to apply for social security disability when you receive long term disability payments. Once you receive it, they subtract (retroactively if you get retroactive payments) the amount you are getting from social security from the amount that they pay you.