Best LTC Options for Married Couple in TX

Discussion in 'Long Term Care Insurance Forum' started by balthus, Feb 2, 2013.

  1. balthus
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    balthus New Member

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    Hello.

    Looking for an agent who has LTC experience, reps all companies who are still writing LTC and will be our advocate to finding best policy for us and not be pushing products where commission is higher.

    I know we are late to the table to secure LTC but we are married:

    F: will be 60 in 6 weeks - works full time - very good health - take some meds to control HBP, cholesterol, insomnia, etc - no serious illnesses

    M: will be 57 in April - works full time - excellent health - takes no meds

    Looking for LTC issue in TX where we live now that would cover us in another state if we moved down the road.

    Looking for pay over 10 years (if still done) and lifetime.

    Looking for approx $200/day - 5 years - 90 day waiting inflation rider - inflation

    Our company may sign up with Lifesecure for voluntary LTC as employees (me not my spouse) can get simplified underwriting (spouse regular underwriting) & you are approved for benefit banks in the amount of $75,000 - $400,000. Wondering if we should go that route or research private/individual & shared benefit policies. 5% discount if employer contributes & 10% for married.

    Lifesecure $400K policy - 90 day waiting - monthly benefit draw at 2% would be $8K if needed & monthly premiums would be:

    3% inflation - $384 for me and $332 for my husband monthly so about $8.6K annual for both before discount

    5% inflation - $548 for me and $460 for my husband monthly so so about $12K annual for both before discount.

    Curious if these rates are comparable to individual plans.

    I watched what had happened with my mom and dad and don't want same for me and my husband. I am thinking now it is more important to pay for LTC than put $ in 401K but would really rather do the 10 year payoff as we plan/expect to keep working for some years and easier to do now.

    Thanks for any recommendations.
     
  2. yankee466
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    yankee466 Guru

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    You will generally be better off purchasing on the open market as a healthy couple than going with a group plan. A good independent agent can show you a variety of options. 10 pays and lifetime benefits are generally a thing of the past these days however....and expensive to get if you can find them. It does not sound like you need simplified UW to get this done, and spousal discounts up to 40% are available on private plan when you both apply and get approved. Lots of choices available of course. Life Secure is an ok carrier, but not necessarily your best deal.
     
  3. balthus
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    balthus New Member

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    If you want us to contact you us via PM, that's great but please include either a link to your website &/or more information on your experience, agency, lines you sell, etc. Thanks.

     
  4. Tahoe Ray
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    Tahoe Ray Guru

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    Agreed. I just looked quickly at Mutual of Omaha and at your ages/health/state etc, a 200 a day 5 year plan w/ 90 day elimination and 5% inflation is 317.29 for you and 301.99 for him and that was the first company I checked.

    I'm sure that one of the LTC specialists on this board will be in touch with you shortly. Good luck.
     
  5. CALTCAgent
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    CALTCAgent Guru

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    Probably need to know more about the insomnia (medications, cause, how long, etc.)

    It can be attributable to other conditions.
     
    Last edited: Feb 2, 2013
  6. hunting101
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    hunting101 Expert

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    Be carefull with Mutual of Omaha...........with the med supps they lowball you and renewal time lookout.........

    As for thier LTC book of business, I would expect the same.

    Someone has to pay for those Wild Kingdom shows.....:D
     
  7. billberry12
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    billberry12 Guru

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    balthus,

    I just sent you a pm
    Bill
     
  8. ltcadviser
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    ltcadviser Guru

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    Steve, I really don't think it is an issue. To me, the OP has a healthy couple that will be approved by every underwriter on the Street.
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    NY Life and AARP Genworth will offer Unlimited and/or 10 Pay options still. I sent you a PM.
     
    Last edited: Feb 3, 2013
  9. CALTCAgent
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    Most likely. Possibly more to check into as far as the health rating as related to the insomnia.
     
  10. Zee
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    Zee New Member

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    Hey.. where abouts in Texas are you located.?
    There are many options and choices to structure a LTC policy.
    Honestly These policies are custom made to fit your needs, budget and finances.

    I have an agent in mind if you would like a recommendation.

    Thanks Zee
    [email protected]
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    Hey Balthus,

    I can recommend an agent for you.

    Let me know if you are still looking.

    Thanks
     
    Last edited: Feb 20, 2013
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