Pros and Cons of Long-Term-Care Insurance

My wife and I have LTC policies with a company that was taken over by Conseco. Our policies state that we are covered for the cost of custodial or domiciliary care. However, the term now used is Assisted Living, which has the same definition as the other two types. When I tried to get the company (now it is Sr Health Insurance of Pennsylvania) to tell me if we are covered for Assisted living, I got a very vague answer of "At the time you need it we will decide". I can't get them to commit to a definitive answer.

Mel Silver of FL 2:28PM April 29, 2013

Are there any long term care policies that will cover an 85 year old?

bunny morgan of FL 9:34AM February 11, 2013

After 9 yrs. with John Hancock LTC they raised my premiums 70%, and my husband's 65%. They could do this every yr? Should I stay with them or just freeze the $35,000 we have invested so far, which would last 2 months for each if we went into a nursing home. Or they will keep our rates the same, but cut our benefits in half. We don't know if we can trust them to deliver LTC if we need it. We are on a fixed income. It would be a stretch to raise our yrly rates so much. There is no guarantee they won't raise them again in 12 months. Has anyone had experience with Hancock? Please advise.

mary burk of IL 5:53PM June 19, 2012

Be careful what you pay for. Mom's policy only covers "Nursing Facilities". Assisted living facilities may provide nursing care, but unless they are licensed by the state as a Nursing Home, forget it. She has paid the premiums a long time and now needs care. The nursing homes here have out-of-reach prices. The policy only pays $2K a month which makes moving her to an actual nursing home impractical. She has paid almost $20K into it and can't use it unless she moves into a more expensive home and the out-of-pocket would then be as high or higher. The next decision is "do we continue to pay the annual premium for it - just in case?????

Jeane Reaves of VA 5:26PM January 21, 2012