I do not see a reasonable difference between these two options....Do you also mean, by above, that regulators outlawed long exclusionary period policies of 365 days plus? That is really what I want. We can afford some amount of self-funding for LTC, and would like to cover a long stay (2 years+) through insurance and not our planned bequests out of the portfolio.
Those products were coming online in the..late 80s and early 90s (timeframe I believe is correct). Then they were basically outlawed through regulation
Y’all, here is a simple heuristic. If there is a meaningful demand for a product and that product doesn’t exist, 9 times out of 10 it’s because it is explicitly or implicitly outlawed through regulation. Whether you like that or not is up to you, but that’s almost always the reason
As an aside, some here have posted that such a policy really wouldn't have much lower premium than say a 90 days exclusionary policy...
1. you cover year one, and the policy covers years 2 and 3
2. policy covers years one and two, and you cover year 3
You will need to research your state to see what the law says on exclusionary periods.
Catastrophic LTCI exists for everyone but you will not like the 'price' - research your state for the medicaid rules regarding LTC.
Statistics: Posted by smitcat — Mon Dec 16, 2024 9:15 am — Replies 64 — Views 2774