Join us at noon ET (11 a.m. CT/9 a.m. PT) on Thursday, June 23 when we'll be discussing about long-term care insurance and the trends that are affecting it.

The price of caring for elderly who need help with daily activities is soaring. Some people buy long-term care insurance to cover the future cost of nursing-home care, assisted living or home health aides. Others rely on their savings or take out a reverse mortgage on their home. Hartford Courant Insurance Reporter Matthew Sturdevant will be available to answer questions from readers. For more information, read

Participate live or send your questions in advance to msturdevant@courant.com

 Long-Term Care Insurance(06/23/2011) 
11:50
Matthew Sturdevant: 
We will begin the chat about long-term care at 12 p.m. EDT. Thank you.
Thursday June 23, 2011 11:50 Matthew Sturdevant
12:01
[Comment From StanStan: ] 
How can someone with a history of cancer,but now fcancer=freee obtain lonmg-termcare insurance
Thursday June 23, 2011 12:01 Stan
12:03
Matthew Sturdevant: 
Hello, and welcome to this online chat about long-term-care coverage, which is an insurance policy people buy to pay for custodial care in old age.

I won't claim to have all the answers to questions today, but I may be able to refer people to resources that can help.

If you haven't read this, here is an article about the price and cost of long-term care:

http://blogs.courant.com/connecticut_insurance/2011/06/rising-costs-force-insurance-r.html
Thursday June 23, 2011 12:03 Matthew Sturdevant
12:06
Matthew Sturdevant: 
Stan,
There are a few resources that may be able to help you navigate this. One the comes to mind is the National Long-Term Care Ombudsman Resource Center.

Please contact us at:

NORC
1828 L Street, NW, Suite 801
Washington, DC 20036
202.332.2275 (phone)
202.332.2949 (fax)
ombudcenter@theconsumervoice.org (e-mail)


Thursday June 23, 2011 12:06 Matthew Sturdevant
12:08
Matthew Sturdevant: 
You might also contact AARP, a state ombudsman for long-term care or a state office on aging.

In Connecticut, the ombudsman contact is here:


Ms. Nancy B. Shaffer
State LTC Ombudsman
CT Department of Social Services
Office of the State LTC Ombudsman
25 Sigourney Street
12th Floor
Hartford, CT 06106-5033
Phone: (860)424-5238
Other Phone:
Fax: (860)424-4808
Email: Nancy.Shaffer@po.state.ct.us
Web Site: http://www.ltcop.state.ct.us/
Thursday June 23, 2011 12:08 Matthew Sturdevant
12:09
Matthew Sturdevant: 
Another useful resource is the Connecticut Partnership for Long-Term Care:

http://www.ct.gov/opm/cwp/view.asp?a=2995&q=474136&opmNav_GID=1814
Thursday June 23, 2011 12:09 Matthew Sturdevant
12:09
[Comment From GuestGuest: ] 
The CT Partnership forces you to purchase a 5% Compound inflation option, it is very costly and almost doubles my premium. Is this a worthwile benefit, should I go without the Compound inflation option.
Thursday June 23, 2011 12:09 Guest
12:18
Matthew Sturdevant: 
Guest,

The answer will depend completely on your personal finances, how much money you have saved and invested, the price of the premium and the price of care that you could need if you are no longer able to take care of daily activities such as eating and going to the bathroom.

My industry sources tell me annual premiums for policies can range from hundreds of dollars to thousands of dollars, depending on how robust the policy may be and the age of the policyholder when he/she starts paying premiums.

Policies typically pay out a maximum daily benefit -- a dollar amount that increases gradually over the course of years as you pay premiums.

Even if the premiums are thousands of dollars per year -- you have to compare that to the amount that would be paid for nursing-home care.

Connecticut is second only to Alaska in terms of the cost of semi-private rooms at a nursing home (median price in Connecticut for one of these is $130,305 per year). A private room at a nursing home is $140,525, according to a 2011 Cost of Care study by Genworth Financial.

More affordable care is happening at home, and Connecticut fares much better in terms of home care -- about in the middle compared with other states. The median annual expense of a "homemaker services" is $43,358 in Connecticut, $44,273 in Illinois, $45,760 in California, $44,616 in New York.
Thursday June 23, 2011 12:18 Matthew Sturdevant
12:19
[Comment From GuestGuest: ] 
Should I expect a response? Is anyone else out there?
Thursday June 23, 2011 12:19 Guest
12:19
[Comment From BrianBrian: ] 
At what age in your life is appropriate to invest in Long-Term Care Insurance?
Thursday June 23, 2011 12:19 Brian
12:20
[Comment From GuestGuest: ] 
Thank you!!
Thursday June 23, 2011 12:20 Guest
12:25
Matthew Sturdevant: 
Brian,

I will defer to insurance agents, or the national and state ombudsmen (or ombudswoman in the case of Connecticut).

I know the insurers will tell you that premiums are less expensive the younger you are when you start the plan.

The U.S. Department of Health and Human Services has some helpful information about evaluating your options for private financing. It includes information about health screening, age requirements, etc.

Take a look here for their suggestions:
http://www.longtermcare.gov/LTC/Main_Site/Paying_LTC/Private_Programs/Private%20Financing/index.aspx
Thursday June 23, 2011 12:25 Matthew Sturdevant
12:41
Matthew Sturdevant: 
I'm still here awaiting questions.
Thursday June 23, 2011 12:41 Matthew Sturdevant
12:58
Matthew Sturdevant: 
Thank you very mucy to those who submitted questions and for others reading along.
Thursday June 23, 2011 12:58 Matthew Sturdevant
12:59
Matthew Sturdevant: 
Much, not mucy
Thursday June 23, 2011 12:59 Matthew Sturdevant
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