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Anyone Here Have Long Term Care Insurance?
WA State just enacted mandatory long term care insurance for all residents. You either secure your own policy, or, you automatically get enrolled in a WA State sponsored program. The state program has some benefits in that they cant boot you out for health conditions and your premiums dont go up as you get older. The downside is that coverage is limited and if you leave WA State to retire elsewhere you lose all benefits.
it all got me thinking. The wife and I have life insurance in case one of us dies. We also have long term disability insurance in case we cant work. What we dont have is long term care insurance to help fund the costs of just plain getting old. My side of the family lives well into the 90s where as my wife's side seem to collapse in their late 70s/early 80s. We have no kids and never will. So the chance that I find myself old and alone at some point is very high. The chance my wife has some crippling illness that requires more care than an elderly me can provide is also high. Having some insurance to help ease the costs of care seems like a smart move, especially since we are mid 40s now so the cost of locking in is still low.
So how about it? Anyone here have a LTC policy? What knowledge and wisdom can you share?
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