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October 06, 2011


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I think this is a net worth issue. Those who are doing well and want to have high quality care continue to the foreseable future can create this safety net. Others may need to depend on their families for a more traditional kind of care and sacrifice in the name of the family. Some cultures give high honor to great grandparents who are in their 90's and 100's and do this with expectation and love free of any mental burdens (alas the physical kind).

I work for a company that provides retirement health care benefits as well as discounted long term care insurance. There is always some risk, however, that benefits could change (similar to my fears on social security). As such, I will have funds in place to protect from the worst case scenario.

My intent was to protect my net worth. I was very lucky in marrying a lady who already had a career with the Federal Government (groan) and had a good, inexpensive health care plan. 2 years ago (and 2 1/2 years before my retirement), I switched from my company's plan (not continuable after retirement) to her's which can go on as long as either of us live so that took care of medical.

A year ago we took out a shared-benefits Long Term Care Policy with Genworth that has what I would call modest benefits for fairly modest premium (compared to some LTC policies) so that took care of LTC. I tried to walk that fine line between protecting net worth but keeping preminums down.

I think we're in good shape insurance-wise.

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