LTC Benefit & Premium

[f55c6]

I dont know what any of these pre-packaged policy designs entail. I have CalPERS rates on my computer and I see that $180, 10 year BP, 3% compound is a lower premium than $200, 10 year BP, 3% simple.

From CalPers site: "With a Comprehensive plan, you may choose from three pre-packaged options or customize your own plan from a wide range of options. These plans have a 90-day elimination period and you do not have to live in California in order to purchase or receive benefits under the Comprehensive Plan."

 

[f55c6]

I dont know what any of these pre-packaged policy designs entail. I have CalPERS rates on my computer and I see that $180, 10 year BP, 3% compound is a lower premium than $200, 10 year BP, 3% simple.

The prices I received when I input the information (including my age of 56, & a 25% discount since my wife and I are applying together) priced out: $180 per day, 3% annual compounded inflation protection, with survivor benefit (SB) is $251 a month. A policy starting at $200 a day with 3% simple interest and SB has a premium of 278 a month.

 

[CALTCAgent]

A policy starting at $200 a day with 3% simple interest and SB has a premium of 278 a month.

Do you work with an agent at CALPERS that can compare all the plans and the stability ?

 

[ltcadviser]

From CalPers site: "With a Comprehensive plan, you may choose from three pre-packaged options or customize your own plan from a wide range of options. These plans have a 90-day elimination period and you do not have to live in California in order to purchase or receive benefits under the Comprehensive Plan."

Like I said, if you customize your plan and the only 2 variables are daily benefit and inflation protection then $180 with 3% compound is less premium than $200 with 3% simple.

 

[csalter]

Being a California state employee, I reviewed CalPers’ plan thoroughly before going with Genworth. Their long term care plans were excellent in value. However, when I was deciding to buy they began reviewing their numbers and change was coming with prices starting to rise. I am glad for now I’m with Genworth. However, I do worry about Genworth’s financial stability.