Has anyone any views on (and preferably experience with) Long-term Care Insurance. This seems to be something that is rather confusing and uncertain.
Follow this topic
Q&A » Buying insurance
Retweet
Comments (
FacebookComments (4)
-
410manzanilla postedThat is rather broad question. What are you finding uncertain and confusing?
How old are you? Do you forsee any likelihood of needing care in the next 5, 10, 20 years?
Do you own a property and are seeking to protect its values for your heirs?
There is always the option of buying an Immediate Needs Annuity at the time you actually need care.
manzanilla
Posted on 21 July 2009 |
Love 0 loves
Report
-
0spendshy posted
Thanks for picking up on this one.
It is for my 88 year old mother who is probably going into a home, she has a property, is a widow and has three heirs. Although she would like to leave money to the family, the main thing is that she gets good care and at a fair price - I was not sure at all how long-term care insurance works and am just considering all options at a confusing and difficult time.
So the question is rather broad, I know, but I don't really know where to start with trying to get the best deal for my mother's money. Is it better to take out some sort of insurance like this (Immediate Needs) and what does it involve, or is it an expensive option, rather than just paying fees from any money/property she has?
Spendshy
Posted on 21 July 2009 | Love 0 loves
Report
-
410manzanilla posted
At 88 she needs an Immediate Needs Annuity.
How much an INA costs will depend on her health situation. Whether the INA is good value will depend on how long she lives. Buying it will cap the amount that has to be spent on care home fees. She will then be able to give any remaining money to her heirs immediately.
Aged 88 she may have 15 years of life ahead of her - will her assets cover that amount of fees? An INA also removes the worry about this sort of thing.
This gives some indication of possible costs, but she really does need an individual quotation: http://www.sharingpensions.co.uk/annuity_immediate_needs.htm
manzanilla
Posted on 21 July 2009 | Love 0 loves
Report
-
0
Post an answer
Sign in or register to post an answer.
Something you're dying to ask... or answer?
Register with lovemoney.com to start asking and answering questions on Q&A.
Get started nowSign in for a better Q&A
Registered already? Great! You can just sign in to ask and answer questions.
Sign in