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Re: LTCI

Posted by Klaas DeWit, LPT, MBA on November 18, 2002 at 15:01:04:

In Reply to: LTCI posted by Mike A on November 17, 2002 at 22:59:16:

Mike,
A great thing that you are looking into LTC insurance. I am glad that your financial planner recommended this. However, be aware:
-$50 per day pays for very little, especially since Allstate has only a daily benefit, meaning you can not 'rollover' your unused daily benefit to the next day. Look for a policy with at least a weekly benefit, best is a monthly benefit.
- Allstate excludes mental and nervous disorders.
- Allstate require that you use an agency ($50 per day will not even get you a nurse to your home in most areas)
- They have just over 4 years of LTC experience.

For the amount you are paying, you can find much better coverage, but most importantly, be aware that if you buy $50 per day benefit, you are still taking a very big risk yourself!

Klaas

Follow Ups:

Re: LTCI : Mike, : A great thing that you are looking into LTC insurance. I am glad that your financial planner recommended this. However, be aware: : -$50 per day pays for very little, especially since Allstate has only a daily benefit, meaning you can not 'rollover' your unused daily benefit to the next day. Look for a policy with at least a weekly benefit, best is a monthly benefit. : - Allstate excludes mental and nervous disorders. : - Allstate require that you use an agency ($50 per day will not even get you a nurse to your home in most areas) : - They have just over 4 years of LTC experience. : For the amount you are paying, you can find much better coverage, but most importantly, be aware that if you buy $50 per day benefit, you are still taking a very big risk yourself! : Klaas

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