I will put here because I am so dumb on the subject.

[sinclair1]

So I pay for long term disability at work, it’s substantially more than people I know who draw it due to injury that didn’t have jobs when they were hurt.

Does the work one convert at a certain age?
One guy I know has been on it since he was 25 and don’t draw enough to buy groceries.

What’s the story on long term at work? I pay for a premium plan and want to make sure it’s worth it. It pays 60 or 70 percent. What’s the latest you can draw from the work plan? I hope to never need it, but am dumb as a box of rocks on the subject.

 

[basstrkr]

It's been a while but: Our company paid 60% if you were approved , But 60% of base, no shift differential, no over time, no bonus, so less than you might first think. And it quit ay 65 yo.

 

[kayaksteve]

You are much more knowledgable about this type stuff than me just based off your posts. I don’t know your personal financial situation But, in my layman’s mind, at your age(no offense intended) and stage in your career i would think you’d be better off putting that money in a retirement account or other investments. And again, I have no idea what I’m talking about but makes sense to me.

 

[sinclair1]

You are much more knowledgable about this type stuff than me just based off your posts. I don’t know your personal financial situation But, in my layman’s mind, at your age(no offense intended) and stage in your career i would think you’d be better off putting that money in a retirement account or other investments. And again, I have no idea what I’m talking about but makes sense to me.

I review everything and it was time for this as I am getting older. If it goes to 65, then it’s good insurance for my next 6 years before retirement. It’s not expensive, I just don’t know much about getting older and need to learn.

I don’t carry short term but might start for these senior years.

 

[dslc6487]

We bought private long term care for my wif back in 2012. I am a disabled veteran and I can go to a VA hospital if I ever need one.
She was diagnosed with ALS in May of 2019. It was a slow progression and I kept her at home until January of 2023. I am 77, and at that point it just became unmanageable. She was falling, I was falling trying to keep her from falling, and, I was doing EVERYTHING for her.
We placed her in skilled nursing on January 12 of 2023. That is when we started drawing from her long term care. From 2012 until January of 2023, I paid long term care premiums of about $12,000.00 on her. About a $1,000.00 a year. Her long term care paid a total of appproximately
$70,000.00 for her care. We placed her in the best skilled nursing facility that I could find and that was highly recommended. There is no way that we could financially pay for her care if it had not been for the private long term care insurance that we had bought back in 2012.
So, I would recommend that you talk to your HR department and make sure that the long term care insurance follows you after you retire. It should, but I would ask the question any way.

 

[JustUs4All]

If it will follow you into retirement, you will also kneed to know how often, if ever, the premiums can be adjusted.