<p>We responded to one of those AARP ads to get a quote for LTC insurance. H and I were blown away by the price. We are 56 & 53 and I believe the quote was about $4500 per month. We did not sign up, but I have to believe there are better deals to be found.</p>
<p>^ Yes I’m sure you could get a better price elsewhere. Even at 10% of that premium though, there are LOTS of adults who’d choose to take their chances rather than invest $5,400 a year against the likelihood they’d need an extended period of long-term care.</p>
<p>(Obviously this may not apply to those with family histories of medical problems that lead to extended periods of long-term care.)</p>
<p>$4500 per month? that sounds outrageous. My recently purchased LTC policy, through my employer, so there was no medical rating, is $230. per month for pretty good policy, I believe $200. per day coverage, inflation coverage etc.</p>
<p>Kajon–sounds like someone quoted you a top of the line over the top policy. There are WAY, WAY better deals out there and way better policies then what AARP has to offer. Shop around, look at company financial ratings through Moody’s, etc. Find a company with the highest ratings you can and contact them. You want to make sure your company is going to be around to pay those claims.</p>
<p>We have $180/base with inflation so that is now up to about $195/day or so and we pay about $65/month, each. Took out the policies at age 44.</p>
<p>$4500/YEAR is a high priced policy for someone your age, either someone goofed or they are trying to take you for a ride. What was the coverage they quoted at that price??? My parents looked into getting policies at age 70 and 65 and they were $700/month for a pretty top of the line policy.</p>
<p>My mind is boggled at the idea that I could be held responsible for a debt I did not incur. It’s bad enough if this applies to elder parents and/or adult children, but there’s no way I’d assume responsibility for some of our siblings. We have (or had) several family members who are/were totally irresponsible about money. One cried poverty then used the money siblings gave for overdue utility bills to take an island vacation, only to come home to find the electricity and water turned off. One parent wanted the few responsible “kids” (40 - 55 y.o.) to pay for a big ticket expenditure so that more money could be left for the others to inherit.</p>
<p>Dh and I have/had parents who would not have been able to purchase LTC ins. from a pretty young age (mid-20s in one case.) We’ve looked into it, and not only are we unable to qualify, but one of our kids can’t get it either. So much for that solution.</p>
<p>Cracking down on those who transfer assets to avoid paying their own way is appropriate. Telling someone whose parents drank, gambled, or otherwise blew through their money, and may not have even been more than a dna-donor, that he must pay for their care is way out of line.</p>
<p>I do not believe that a law placing financial responsibility for the decisions made by others would be constitutional, and I’d be willing to take that to the US Supreme Court if needed to defend myself.</p>
<p>As said above, an adult who makes their own decisions cannot have the consequence of the decision shifted onto others for others to take care of.</p>
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Thanks for the info. It just sounds so strange to have LTC premiums for parents of employees covered!</p>
<p>There are long time couples who do not marry to avoid being responsible for each others debts. And there are couples who divorce when facing LTC debt. Those relationships seem more apt for support laws than kids paying for parents.</p>