Contributor ⭐

Long Term Care Insurance

Forum|Forum|2 years ago
May 10, 2024
8 replies
3779 views

TO: AARP Bulletin Editor Member Services

For a number of years, correct as years, I have contacted AARP Senior Management regarding the extreme high cost of Long Term Care Insurance. Request was their direct evolvement in providing lobbying to secure financial assistance to those that are self-funding the Long Term Care Insurance. The TransAmeruca LTC policy in CT monthly premium cost is: $905.67

The requested financial assistance would be State and Federal US Income tax and/or credits based upon the LTC premium cost. The policy owners have adopted the personal responsibility to fund a portion of their LTC health care rather than having Government taxes fully support with Medicare or Medicaid.

To date, I never received any type of reply from the AARP Senior Executives or anyone else in the AARP organization.

Your assistance is requested to raising the visibility of the extreme cost ( monthly premium of $905.67 ) of Long Tern Care Insurance and securing Government financial support.

This topic has been closed for replies.

GailL1

Community Champion ⭐⭐⭐

WHY - ????

The choice for LTC insurance is up to the beneficiary or maybe their family.

Many may just opt to spend their own money IF and when they ever need it for LTC - If one does not have the money - then there is always MEDICAID -

LTC is expensive - no matter who pays for it - but we already have a government step in to take care of this matter - MEDICAID.

Otherwise it is up to you to spend your resources as you see fit - either on a LTC policy OR for whatever your needs maybe within that long term care.

IT‘S ALWAYS SOMETHING . . . . .. . . . Roseanne Roseannadanna

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BrynaB519860

Contributor ⭐

As I understand the situation (I'm 100% open to correction!), the difference between Medicaid and LTC is one of quality. With LTC (assuming the carrier is in business to provide and not deny!), you can afford better-quality care if/when you have to go into assisted living or a nursing home. My understanding of Medicaid (again very willing to be corrected!) is you won't get the same quality of care. Additionally, you have to give up most of your financial assets to qualify. You can keep your assets with LTC. In short, I currently view LTC as a necessary evil and another unfair privilege for the wealthy. What we really need is free and full single-payer healthcare for everyone at all stages of life. Call it socialized medicine if you like. It's better than being eaten alive by insurance companies who wish us well and paying premiums or dead and not costing them anything.

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DonaldT721763Author

Contributor ⭐

Obtaining a LTC policy is a decision on the allocation of available financial resources, which does not specifically apply only to the wealthy. Some may prefer to have the latest and greatest in cars, size and locations of homes, vacations, 2nd vacation homes, etc. which is more than acceptable as a personal choice. Others may desire to provide for alternative LTC arrangements should the need ever exist in the later years, being an unknown, with scarifies in the younger years. Self funding reduces the Tax dollars spent for Medicaid, after depletion of personal assets.

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PaulE709499

Contributor ⭐⭐

Today's Barrons has an article about LTC. AARP is referenced and not in a positive way in my opinion. Check it out if you have access to Barron's.

DirkB349973

Conversationalist ⭐

If the government subsidizes your LTC premiums and you don't use the coverage (death or other circumstances), the government receives no benefit for the money spent. Most people in a nursing home die within the first year, so Medicaid is probably a more cost effective solution than premium subsidy which could go on for decades.

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