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Re: Is long-term care insurance part of your future plans?

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I am considering a second-to-die, or survivorship insurance policy which pays a death benefit to the heirs after both spouses are gone.  I am making a single premium payment of $150k, with annual payments of $3619. The death benefit payable to my heirs is $220k that will be drawn down by any LTC benefits paid out.  The benefit balance is unlimited and the benefit period is for a lifetime.  This policy has no inflation option. The company is State Life Insurance. Any opinions or experience with this type of hybrid policy or this company?  

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Re: Is long-term care insurance part of your future plans?

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I and my wife both have LTCI we purchased 5 years ago.  The premiums are not cheap but we opted for some of the bells and whistles based on our experience.  My wife worked her teen years and my mother-in-law worked most of her life as a CNA in nursing homes.  We knew what level of care we wanted to afford if needed.  We've yet to experience an premium increases but when we have reviewed charts for LTCI increases, the majority were for early issued policies when LTCI was still in infancy.  Our policy seems to have been priced after the LTCI industry growing pains that resulted in more mature pricing.

 

I keep suggesting to my 30 something kids they should get the cheap versions through work in case of some type of accident, e.g., car, hiking, bungee jumping, etc.  They can afford it at their young age but we couldn't.

 

Self funding can be very expensive.  My mother is in her last days in hospice care at home and the cost for having one person 24/7 to assist my sister in her care is $2800/week in a low cost midwest state.  That is over $12K per month.  My mothers small IRA is paying the cost.  She has enough to last her a year but the doctors say she will probably be gone before the end of the year.

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Re: Is long-term care insurance part of your future plans?

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Situations as you state vary.  Although partially funded by Federal taxpayer funds, the laws regarding who is eligible, what they are eligible for differs from state to state.  While this may be true in Florida, it isn't in NY as does the cost of care.  Cost of care in NY is FAR AND ABOVE that of Florida.

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Re: Is long-term care insurance part of your future plans?

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I have worked as an aide to the elderly for 7 years in Florida. I also help my mother, who will be 90 in couple of months. She lives in a continuing care community, which has worked out well for her so far. I just want people to know that to receive medicaid, people do not have to sell their homes. If someone needs medicaid to go into a nursing home for care, there is always the possibility that they might be able to return home at some time. If their health improves they could go back home to live with family and friends to help care for them. Or hire aides part time. In Florida some qualified recipients have medicaid pay for minimal assistance in ADL's and other services, which are less expensive to the county than being in a nursing home full time.

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Re: Is long-term care insurance part of your future plans?

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I at one time had considered a LTC policy when I was in my early 60s, but then my sister needed help and I put off doing many of the things I had wanted to do for myself.  The premium at that time was already $3000 a year and I had read how quickly these types of policies were getting hit with price increases.  I had determined that I probably could handle one if I had worked for the next 30 years, but to spend $3000 a year from my savings for 10, 20 or even 30 years (longevity has gotten at least 9 members (both sides) of my family to the ages of 84 to 100), that I would be spending $30,000, $60,000 or $90,000 for almost the same amount of coverage and perhaps a whole lot more with the policy increases.  Two of the 9 ended up in nursing home care.  Also these policies are much harder to get now if at all and even if I could get a policy now, the cost most probably would have increased the premiums to about $5000 a year.  I have no spouse or children.  I've done fairly well with my savings.  Living frugally which I have done all my life and I'm getting a decent interest rate on my retirement products. Should I need the care I should have enough to pay for it and even perhaps still have some left over for my sister's kids, so I will take the chance and self insure. And no one says I have to stay in NY should I need nursing home care.  I always have the option of going almost anywhere.  And then again, I could end up being one of the lucky ones and NOT need it and can leave what I haven't spent living, to my sister's children and grandchild because life is gettting harder and not easier.

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Re: Is long-term care insurance part of your future plans?

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I actually WORK in long term care settings. For more than 30 years now. While long term care insurancw is rare among the populations I have served, when it is in force it has made the difference between having a comfortable expense and losing everything. Folks want to both keep their house and their nest egg AND qualify for assistance (Medicaid). When they-- or the kids seeking to inherit-- find they must sell the house and spend down the assets, they get upset. Usually with Medicare. Or the facility.  I have long term care insurance myself. Mostly because I will be an elder-orphan without family to burden. But even if I had family, I would be disinclined to burden them. And the plan to burden family does not come with the guarantee that they will be happily and cooperatively burdened.  My policy will pay for services in the home or in a LTC facility, so it provides a continuum of care. And I am not gabling on whether I will need it. I know every time I satrt my car or take a hike that something may result in my needing care or rehabilitation. I have many friends my age  or younger, with different disabling conditions, I have helped people my age who were dying of "old age" due to medical conditions. My LTC policy brings me oeace of mind.

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Re: Is long-term care insurance part of your future plans?

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As far as I am concerned, ltc insurance is a scam.  The premiums keep skyrocketing and chances of you ever needing it are next to nill.  If you ever do need it you’ll go broke anyway because those policies cover very little.  I’ll take my chances!

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Re: Is long-term care insurance part of your future plans?

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After paying for Long Term Care insurance for more than 10 years for both me and my husband, then my husband became ill with brain cancer.  I decided to hire a home care nurse to take care of him  24/7 in lieu of placing him in a nursing home. The first week he was with us, he came to us through an agency. 

 

I soon learned that he personally had all of the NY state credentials to work for us without hiring him through an agency which was quite expensive.  I alerted our Long Term Care policy holder of this fact and sent to them all of the information required with his NY State Credentials as a Long Term Care nurse.  They refused to pay one penny because they said I had to hire a person through an accredited agency.  So my suggestions to all of you is that if you choose to purchase a long term care policy, make certain of all the specifications you must meet for them to reimburse you.

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Re: Is long-term care insurance part of your future plans?

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I have a LTC policy. My wife got it for me before she retired. She couldn't get a policy because someone once incorrectly diagnosed her with asthma. Last year I got hit with the big premium increase. I opted to reduce the coverage period, but I still had a net increase. My wife died 5 years ago from a traumatic brain injury, so all she needed was hospice care. I plan to establish residency outside the U.S. If I end up needing LTC, it will cost a whole lot less, and possibly even be better, elsewhere. My policy does cover LTC somewhere else.

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Re: Is long-term care insurance part of your future plans?

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Message 10 of 14

I pay $257 per month - through AARP  Met Life Long Term Care Insurance.  Each year it goes up even more.  They do not have a web site, only telephone.  I have been paying for years & have never used it - My age is 76

 

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Open Enrollment: Oct 15-Dec 7, 2019 Find resources to help you decide on the best healthcare insurance plans for you during Open Enrollment season