You take your chance when you buy insurance. If you wait until you're 10 years older, you might suffer a tragedy before that time and have no insurance. That's how the game works.
Very few places now sell it outside the government. From what I read, there was not enough actuarial data when this was first introduced and some companies lost money because they set their premiums too low.
It's a smart idea to have it. Most of the time insurance is something you buy but hope never to use. But if you plan to get older then you're likely to need this insurance.
As for a company trying to get out of paying, that would be fraud and not a reason to avoid insurance.
What some companies now offer is a life insurance policy that has a provision for long term care. That way if you don't use it, you'll still leave something for your beneficiaries. That product came out after I purchased LTC and the salesman I spoke to actually advised me to stick with what I had.
I bought it as a new Fed based on hearing the consumer advocate Clark Howard talk about the importance of Long Term Care Insurance. You can see his guide about Long Term Care Insurance at http://www.clarkhoward.com/long-term-care-insurance-honor-roll .The only mistake I made was that I probably purchased it too early. I purchased it at 36. The premium were pretty low, but I probably could of waited until my late 40s to start purchasing it without the price going up much.Also, from what I remember reading in the Unofficial FERS guide, you can probably find better or cheaper options outside of FLTCIP if you shop around.On Fri, Apr 29, 2016 at 11:59 AM, Jim Wright jim_wright_2001@yahoo.com [TSP_Strategy] <TSP_Strategy@yahoogroups.com> wrote:I have known only 3 or 4 people that have actually bought it. And do you really know the insurance will pay when you need it?
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On Apr 29, 2016, at 10:56 AM, "Julie Julie juliec22003@yahoo.com [TSP_Strategy]" <TSP_Strategy@yahoogroups.com> wrote:I would be interested to hear anyone's thoughts on LTC. Every time I do the math it makes more sense to invest the money I would be using for premiums.
However, most people are getting priced out of LTCI and there are fewer companies offering it.
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Posted by: KC Will <kcwill64114@yahoo.com>
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Neither the TSP Strategy group, nor individual members, are licensed or authorized to provide investment advice. Any statements made herein merely reflect the personal opinions of the individual group member. Please make your own investment decisions based upon your personal circumstances.
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