For example, if you have $250K and are 60 (or pick an age) would you usually try to get a policy or figure that $250K would be sufficient in most cases?
If I knew a policy would cost $x and provide "y" services/benefits then I would be more inclined to get one but from things I've read, policies seem to go up frequently and with sizable increases. Then you get into a tough situation where you've paid tens of thousands in premium and don't want to throw it away so you have to continue to pay.
From what I've seen, many plans may have a max benefit of $150K or so. Once you factor in the premiums you paid (maybe $60K+ from 60 to 80), that means you might have paid $60K+ for $150K benefit or a net of less than 90K?
Am I missing anything here?
(My father is currently in a hospice and does have a plan although I'm guessing older plans were most likely much more generous.)
Just adding that I found stuff like:
I suppose I could take the money that I would self insure with and instead just put it into a conservative investment account and use that to pay for the premiums. I'd think the key thing is once you get into your 80s, and have been paying premiums for a long time, you don't want to bail at the point you'd be more likely to need it?Your premium will not change because you get older or your health changes or for any other reason related solely to you. However, your premium may increase if you are among a group of enrollees whose premium is determined to be inadequate.