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The best life insurance policies for the value

Updated on March 21, 2008

Long-term-care

You may not think of this as life insurance...but I sure do. It is when you get old and are unable to care for yourself any longer...(Like my mom).. I had it for awhile and then had to get medi-gap insurance..had funeral insurance and a small life policy. So I stoppd the Long term care. This covers Nursing home care...Home care and facility care. I now can't afford to get it again. My age plus my weight makes it too expensive. As we grow older we put on weight (well most do) and coverage goes up.

My parents had money and so they were very wise...being one's that went through the depression and all..and they took out Long Term INSURANCE. which is now paying most..but not all mom's costs at the facility she is in. There is a limit according to what kind of policy you take out. Her's pays for the rent part but not the medical care. Which is giving them meds...helping them bath etc. so for the 5528.00 a month I pay they re-imburse me all but 500.00..which then is claimed on her income tax report.

My advise to most younger person's is to invest in long term care insurance. Now when you are young and it won't cost you so much.. because you are in better health...hopefully :o) But when you become old and the kids are unable to pay for your care you will be covered.I feel bad that I had to cancel mine...although my children are better off then I am at this time...I don't want to burden them with my old age problems.

The government will care for you...but have you ever been in a Nursing home run by them? Go check one out before you get there. You will be appalled.

The way I have it figured out I have enough money from what my parents saved in IRA's and Annuities to take care of her for the next 12 years. She is 88 so that takes her to 100. Then we go on medi-caid.....and a nursing home...yuk ! The money that is in the will ...will be spent....but they put it there to make sure they were cared for in a respectfull way. Thank God...I am blessed more each day and my mom is still teaching me...God Bless Her. G-Ma :o) hugs

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    • G-Ma Johnson profile imageAUTHOR

      Merle Ann Johnson 

      6 years ago from NW in the land of the Free

      jeyaramd/ Thanks for your comment and your following me. I shall check out your hubs also...:O) Hugs G-Ma

    • jeyaramd profile image

      jeyaramd 

      6 years ago from Mississauga, Ontario

      Thanks for sharing this solid advice. Long term care appears to be the way to go. It will ensure that your in good hands during your retirement. Its true that many elders don't want to burden their children. Thanks for you thoughtful and informative hub.

    • G-Ma Johnson profile imageAUTHOR

      Merle Ann Johnson 

      10 years ago from NW in the land of the Free

      Oh my sweetie...It is a good thing and there are several different plans out there. Mainly to be covered if you need nursing at home or in a nursing home. It is a good move if you can afford it. Love you...and HAPPY EASTER...G-Ma :o) hugs

    • profile image

      Charlene 

      10 years ago

      THANKS MERLE: I never thaught it would cost that much , thanks for the informations, i took life insurance to make sure my boys didn`t pay for me while i was getting old from noew i`llsave money for my older days and put it ina transferable fund acount for in case of bad luck( had to go in foster homeso ican`t take care of myself thank for the informations i never thaught it could be that bad (i`m only 50 , we never know from now i have enough time to save enough before my 65 my insurance pays till then..I won`t take the chance thingahappens we never know i always pray God to keep me O.K. as long as possible i don`t want to give them more trouble i know they can`t afford paying for me

    • Kat07 profile image

      Kat07 

      10 years ago from Tampa

      Ooo, I like the idea of the account being transferable - I'll be sure to ask about that.

    • G-Ma Johnson profile imageAUTHOR

      Merle Ann Johnson 

      10 years ago from NW in the land of the Free

      I believe they may go up as the cost of living does...but not because of their age. My dad had 750,000.00 worth of insurance in long term when he died...He never used it..another point is to have it an account that is transferable. If they had done that we would be set for my mom. Although there is enough now for 12 more years. I believe it is a good thing. The one I had cost 75.00 a month and it pretty much covered everything. My dad was big on being insured...but he also had the money :o) He earned every dime tho ! Hope I helped. ? G-Ma :o) hugs HAPPY EASTER my dear

    • Kat07 profile image

      Kat07 

      10 years ago from Tampa

      Thanks for sharing, G-Ma. Experience is golden. If someone were to purchase long term insurance at a younger age, do you know if they keep the lower rates throughout or if they rise with the person's age?

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