# Long term care insurance



## maylok89 (Jul 12, 2018)

Hello , 
Is there anyone has long term care insurance ? Is it worth it ? 
The insurance company offers my husband (60) a long term care insurance for premium of $219/month for 20 years (until age 80), it covers up to $3000/month for long term facility or private home care.
Thank You


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## maylok89 (Jul 12, 2018)

Hello again, 
I guess no one in here having the long term care insurance. 
We 've decided NOT going to take the long-term care insurance because when we retire (soon, we hope) we both have defined pension, plus some RRSP , TFSA and some investment, we will have enough to cover the long-term care, which I think about $32000 /year for the private longterm care in Ontario 

$219 /month $2600 /a year, $52000 for 20 years, is a lot and it might increase later on also.

I thank you very much for all the knowledge, suggestion and discussion on this forum. I've learnt a lot from it.


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## OnlyMyOpinion (Sep 1, 2013)

Yes, I'd guess that no replies means no one has experience with it. I wasn't aware it existed. I'd be interested in the 'fine print' as to what it covers.

In Ontario the cost of long term care homes is regulated and the max you pay is $2641/mo as your share of a private room. But you can't be refused if you don't have the income. You would have to accept a semi-private room though, which in most places now means a shared washroom with one other room.

There are private 'assisted care' facilities, but they require you to be able to transfer and eat yourself. If your health/mobility declines past that you will have to go to the government supported LTCH anyway.

I have serious doubt about the ability to provide sufficient beds for the growing senior demographic. Waiting lists are growing. 
I don't plan to allow my quality of life to decline to the point where I need a LTCH. I'll buy my last ticket on the train before that.


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## fatcat (Nov 11, 2009)

too many unknowns ...

will the payment be guaranteed ? ... how long will you live ? ... whats in the fine print ? ... how much can you earn by investing $219 a month over 20 years ?

my inclination would be to invest that money conservatively and then i control it and i have discretion

you realize that the company is going to take your money and invest it themselves right ?


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## Dilbert (Nov 20, 2016)

At first it seemed a good idea to me. But then I realized I would have to sell my house anyway and with the proceeds, invested right, would cover any costs.


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## maylok89 (Jul 12, 2018)

Thank You .
Yes, too many unknowns. And the premium could also be increased in 5 or 10 years.

Yes, We could cover the LTCH $2641 /month if needed without burden anyone


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## OptsyEagle (Nov 29, 2009)

The only experience I have had is quoting long term care insurance and then it all ending right there. It is just too expensive for most people who have to be completely healthy at the time to even get it for that really high price.

Yes, it would be nice to have but you are going to pay for it one way or the other, plus if you don't have the money our government usually provides pretty good subsidies for most stuff. Kind of hard for an insurance company to compete with that.


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