Long Term Disability or Long Term Care Insurance?

[mmmmm...beer 691]

As we are in the open season... Uhh... season ...  Has anyone looked into or chosen to enroll in Long Term Care Insurance?  If something happened to my wife or I all our hard work throughout the years would be quickly devoured if either of us needed full time care.

I've also been pondering supplementing with a private Long Term Disability Insurance.  I've only got 5 years until I'm eligible to retire.  I guess I want hedge a bit if for some reason I became disabled and couldn't make it to my minimum retirement date.

Thoughts or experience with either?

[Patriotsfatboy1 1,432]

I have LTD through work and some extra private LTD. our work just added an option where you pay taxes on the company premium paid, but then any benefits taken are tax free. 

I don’t have any long term care insurance yet. On the horizon for when I hit 55 and I know what my college damage is going to be.

[Alias Detective 1,179]

6 hours ago, mmmmm...beer said:

As we are in the open season... Uhh... season ...  Has anyone looked into or chosen to enroll in Long Term Care Insurance?  If something happened to my wife or I all our hard work throughout the years would be quickly devoured if either of us needed full time care.

I've also been pondering supplementing with a private Long Term Disability Insurance.  I've only got 5 years until I'm eligible to retire.  I guess I want hedge a bit if for some reason I became disabled and couldn't make it to my minimum retirement date.

Thoughts or experience with either?

I am very familiar.  

[nzoner 936]

Being small business owners we opted for a private disability plan some years ago and it paid off in a big way.The mrs (36c) got diagnosed with RA and eventually couldn't work any longer.The plan we had was expensive about $800 month but we also had coverage that would help with business operations,new employee etc. if anything ever happened.

The worst part was that when she filed they started dragging their feet to pay,meeting with her a few times,taking photos,numerous questions,forms for doctors to fill out and on and on.It finally got to the point that when I was talking with a friend of mine in insurance sales he advised we call our states insurance commissioner and file a complaint.We did just that and within 48 hours everything was approved.

[Bert 1,091]

8 hours ago, mmmmm...beer said:

As we are in the open season... Uhh... season ...  Has anyone looked into or chosen to enroll in Long Term Care Insurance?  If something happened to my wife or I all our hard work throughout the years would be quickly devoured if either of us needed full time care.

I've also been pondering supplementing with a private Long Term Disability Insurance.  I've only got 5 years until I'm eligible to retire.  I guess I want hedge a bit if for some reason I became disabled and couldn't make it to my minimum retirement date.

Thoughts or experience with either?

I have LTD through work.  I have long term care insurance and I recommend you purchase it before you hit 50.  Good assisted living/nursing homes are very expensive.

[NorthernVike 2,080]

Don't worry about LTC.  Drink heavily now and you won't make it to a nursing home. 

[IGotWorms 3,310]

I’ve got LTD through my work. Fairly decent plan IIRC.

No long term care plan but I should probably start working on that soon.

Let us know what you find