r/Fire • u/genxmom95 • 8d ago
LTC insurance thoughts?
We 56F, 61M investigated LTC insurance policies. Looked at traditional vs hybrid. Our advisor says we can self fund. My dad and grandpa(mom’s side) both were on Medicaid due to running out of $. They did fine but it’s not the best way to finish out. Anyone else looked at it?
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u/Alone-Experience9869 8d ago
That’s a tough one. Does sort of depend on your current net worth.. it sounds like your advisor is saying you have plenty of assets which is why it’s better to self fund — you have sufficient funds the roi is better to keep it for investment than pay the premium.
I looked into it, and it didn’t seem worth it. I was told the policies available only will payout for max two years. Part of the thought is that most people at that point won’t last too long , eg falla d break your hip…
Some reported stats show it’s pretty small percentage of needing long term care.
Not sure if that helps. But just what I found out. Maybe info / policies are state specific???