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Past 2: Also, it is very unlikely that having high-blood pressure or osteoporosis will disqualify you. Each company has their own set of underwriting rules. For instance, John Hanc!*k will consider insulin-dependent diabetics (within limits) but Genworth will not. And every policy on the market today will pay benefits for dementia (as long as it was diagnosed after the coverage was approved). As you can see, this is a complicated product and there is no such thing as 'one size fits all'. If you are considering the purchase of an LTCi policy, it is critical that you work with a professional. It's also best to find one who represents more than one company. After all, if all you have is a hammer, everything starts to look like a nail.

A few things: First, the goal of owning an LTC policy is to keep you OUT of the nursing home, not put you in. Lifetime benefits are very important. While it is true that most folks spend less than 3 years in a nursing home, you need to take into account the tremendous amount of Home Care that usually happens first. An LTC policy can help you stay at home longer because it will help your family members - financially, emotionally and physcially - provide care longer and better at home. Also, a 90-Day Elimation Period sounds like a good idea, right up until claim time. Consider a shorter EP - some companies (like Genworth) offer a 90 day EP BUT a 0-day Ep for Home Care...which means if you need care at home, you can start getting it right away.

Here are Four Options To Pay For Your Long-Term Care

# You can rely on others (spouse, children, etc) to provide the help needed. This option is only available to those with a support system in place and if the amount and type of care required is possible for them to provide.
# You can self-insure and pay for your own long-term care with your own assets and income.
# You can spend down all of your assets and then qualify for Medicaid.
# You can transfer a predetermined amount of risk of long-term care to an insurance company by purchasing long-term care insurance.

Long-term care. The problems we face won?t go away. Inaction will make the problem worse, not better. These are hard issues. But they are harder today because we didn?t face them yesterday, and they will be harder tomorrow if we don?t face them today.

My husband and I have no children and bought the group policies from my employer when we were both under 50 years old. We knew we couldn't rely on anyone but ourselves in case one of us became incapacitated. Hiring home health and housekeeping aides is expensive on your own. I can't imagine having to take care of my husband without help. Just lifting him up would break my back let alone break my heart. This insurance brings peace of mind and I thank my lucky stars that we have it.

I am hoping that as the number and variety of assisted living communities increases over time...to meet the demand of an aging population...the options for various levels of assistance and the expense will come down due to economies of scale. That of course makes it much more difficult when considering current traditional insurance options that may not be appropriate for what the future holds. More and more retirement communities are creatively structuring living areas and utilizing new technologies that are more conducive to providing assistance without the high costs associated with traditional professional medical care. Hopefully the Government and the IRS will be a little more flexible with health savings accounts that will encourage people to self insure themselves for long term care.

I wonder how easy it is to get if you already have a condition. I'm 42 and have had rheumatoid arthritis since I was 16. Insurers practically laughed at me when I asked about disability insurance. I'll bet they'll do the same for long-term care insurance, too.

Personally, I am only worried about LT care ins. if I or my spouse gets a mental problem like alztheimers or dementia. For that reason alone, I will probably buy the insurance.