This week, I deposited my mom’s final long term care claim check.  I wish I had a good record of what she paid in premium to compare against the three year benefit.  If I recall correctly, it wasn’t until after she retired that she purchased the policy from Unum, which makes a small part of me wonder if she was starting to think something was not quite right.  Or, perhaps she just decided it was a good idea.

A couple of years ago, I took out an LTC policy of my own through MetLife.  Honestly, had it not been for this situation with my mom, I doubt I would have even considered it.  MetLife has a program through my employer where they offer slightly discounted premiums; otherwise, I would have definitely gone with Unum. I can’t say enough good things about how wonderful they’ve been to work with.

Over its three years, that policy paid out close to $200,000. That may sound like a lot, and … it is a lot.  But, it’s important to know that if you’re going the private pay route, you’ll use every dime of that and then some. Bottom line, I can’t even begin to express what a blessing it has been to not have to worry about money for those first three years of care.

I truly believe that an LTC policy is well worth the money and is one of the most wonderful gifts we can leave to our families.  There is so much to deal with in the early years of this disease, and we often come to the realization that long term care is needed much too late, leaving very little time to find a facility and make all of the necessary arrangements.  Having the ability to defer money worries for awhile makes life just a bit easier.

Now things will start to get tight… thankfully, mom has a decent pension, but that combined with social security won’t cover her monthly expenses so we’ll have to start tapping savings.  Will there be enough money?  Well, that’s the $64,000 question, isn’t it?  I can’t control the future, but for right now, I know she’s getting the best care possible at Eason House, and I can’t ask for more than that.

If you’re interested in learning more about long term care insurance, check out this link to AARP’s offering through Genworth Financial or visit Unum’s website.

Until next time… Carpe diem…

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