Anyone Here Have Long Term Care Insurance?

[DETRoadster]

Originally Posted by Run Silent

Don't get me started on the government forcing you to buy a product just because you exist! You know my political stance!

I'm picturing your head about to explode over the notion of being taxed just to live. Next there will be meters strapped to our chests, counting and taxing every breath we take!

[wdb]

Originally Posted by DETRoadster

So my choice is to buy into the state sponsored plan at about $500 a year, or, procure my own policy. Hell of a choice, eh?

$500/year is almost certainly less than you will pay elsewhere, as others have noted. I'm curious about the terms and coverage, also whether they have any kind of assurances or track record regarding price increases. I dug around the WA state web site and didn't find anything though. If you have links that would be great.

[JJ 911SC]

https://www.ltcinsuranceconsultants....-care-program/



What Are the Benefits Under the Program?

Benefits under the Program will become available January 1, 2025. If eligible, and if the Department of Social and Health Services determines that an individual needs help with at least Three Activities of Daily Living, the Program pays benefits up to $100 day, with a lifetime limit of $36,500.



Washington State Long-Term Care Tax Opt Out

The legislation provides a one-time window to opt out of this tax and waive the right to receive benefits under the public long-term care program by demonstrating that you have obtained qualifying private long-term care insurance before November 1, 2021.

An employee who attests they purchased long-term care insurance before November 1, 2021, may apply for an exemption from the premium assessment under RCW 50B.04.080. The employment security department must accept applications for exemptions only from October 1, 2021, through December 31, 2022. This puts employees on notice that they have a very short window to buy long-term care insurance.

[Hawkeye]

Originally Posted by Captain Blood

The best life policy with a living benefits type rider to cover long-term care is a company called United Life if you want a whole life policy. American National and Foresters life also have great LB benefits Attached to term policies

Neat-o. I have a few friends that work for United Life. Never knew anyone that knew who they were (even around the same area!)

[Captain Blood]

Originally Posted by Hawkeye

Neat-o. I have a few friends that work for United Life. Never knew anyone that knew who they were (even around the same area!)

As I like to tell prospective agents, that company acts like it wants your business. And they have great conventions. They have a great non-par whole life product, and some really good annuities.

And to address nursing home concerns, two good companies to look at are American Amicable and Sagicore. They both have term life policies with a free rider that will pay for at least three years of nursing home care ($5k/month). FYI, most people don't make it more than three years in a nursing home.